DBRS Finalizes Provisional Ratings on World Financial Network Credit Card Master Note Trust Series 2015-C

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes issued by World Financial Network Credit Card Master Note Trust Series 2015-C:

-- Class A rated AAA (sf)
-- Class M rated AA (sf)
-- Class B rated A (sf)
-- Class C rated BBB (low) (sf)

The ratings assigned are based on the following factors:

-- Form and sufficiency of available credit enhancement.
-- DBRS has performed an operational risk review to assess the capability of Comenity Bank’s (Comenity) origination and servicing functions in Columbus, Ohio. DBRS deems Comenity as an acceptable originator and servicer.
-- Performance and quality of the credit card receivables pool.
-- The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the non-consolidation of the special-purpose vehicle with Comenity and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance.”

Notes:
The applicable methodology is U.S. Credit Card Asset-Backed Securities, which can be found on the DBRS website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.