Press Release

DBRS Confirms Cabela's Credit Card Master Note Trust

Consumer Loans & Credit Cards

June 23, 2017

DBRS, Inc. (DBRS) has today reviewed 42 ratings from nine U.S. structured finance asset-backed series issued by the Cabela's Credit Card Master Note Trust. Of the 42 outstanding publicly rated classes reviewed, DBRS confirmed all 42 classes. The performance trends of the confirmed securities are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

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.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

Cabela's Credit Card Master Note Trust Series 2012-I

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2012-II, Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2012-II, Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2012-II, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2012-II, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2012-II, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Class A	AAA (sf)	--	Confirmed	US
23-Jun-17	Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2014-I Notes, Class A	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2014-I Notes, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2014-I Notes, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2014-I Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2014-II Notes, Class A	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2014-II Notes, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2014-II Notes, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2014-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2015-I Notes, Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2015-I Notes, Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2015-I Notes, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2015-I Notes, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2015-I Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2015-II Notes, Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2015-II Notes, Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2015-II Notes, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2015-II Notes, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2015-II Notes, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jun-17	Series 2016-I Notes, Class A-1	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2016-I Notes, Class A-2	AAA (sf)	--	Confirmed	US
23-Jun-17	Series 2016-I Notes, Class B	A (high) (sf)	--	Confirmed	US
23-Jun-17	Series 2016-I Notes, Class C	BBB (sf)	--	Confirmed	US
23-Jun-17	Series 2016-I Notes, Class D	BB (sf)	--	Confirmed	US

Cabela's Credit Card Master Note Trust Series 2012-I

Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2012-II

Series 2012-II, Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-II, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2013-I

Class A

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2013-II

Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2014-I

Series 2014-I Notes, Class A

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-I Notes, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2014-II

Series 2014-II Notes, Class A

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-II Notes, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2015-I

Series 2015-I Notes, Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-I Notes, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2015-II

Series 2015-II Notes, Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-II Notes, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Cabela's Credit Card Master Note Trust Series 2016-I

Series 2016-I Notes, Class A-1

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-I Notes, Class A-2

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-I Notes, Class B

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-I Notes, Class C

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2016-I Notes, Class D

Date Issued:Jun 23, 2017
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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