DBRS Confirms World Financial Capital Master Note Trust Series 2009-VFN

DBRS, Inc. (DBRS) confirmed the outstanding public ratings on the notes issued by the World Financial Capital Master Note Trust Series 2009-VFN U.S. asset-backed securities trust. The confirmations are based on credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels.

The notes were confirmed as follows:
Series 2009-VFN, Class A, rated AAA (sf)
Series 2009-VRN, Class M, rated AA (sf)

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.

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