DBRS Finalizes Provisional Ratings on Cabela’s Credit Card Master Note Trust, Series 2016-I

DBRS Inc. (DBRS) has today finalized its provisional ratings on the following classes issued by Cabela’s Credit Card Master Note Trust, Series 2016-I (the Issuer):

-- $570,000,000 Series 2016-I Notes, Class A-1 rated AAA (sf)
-- $280,000,000 Series 2016-I Notes, Class A-2 rated AAA (sf)
-- $80,000,000 Series 2016-I Notes, Class B rated A (high) (sf)
-- $42,500,000 Series 2016-I Notes, Class C rated BBB (sf)
-- $ 27,500,000 Series 2016-I Notes, Class D rated BB (sf)

The ratings are based on a review by DBRS of the following analytical considerations:
-- The transaction’s capital structure, ratings and form and sufficiency of available credit enhancement.
-- Quality of management and transaction parties.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested.
-- The transaction parties’ capabilities with regards to originations, underwriting and servicing and financial strength of World’s Foremost Bank (WFB).
-- The 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 WFB, that the trust has a valid first-priority security interest in the assets and consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

The applicable methodology is U.S. Credit Card Asset-Backed Securities (December 2014), which can be found on our website under Methodologies.

Please see the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.