Press Release
DBRS Confirms World Financial Network Credit Card Master Note Trust
Consumer Loans & Credit CardsDBRS, Inc. (DBRS) confirmed the outstanding public ratings of 36 securities issued by ten series of the World Financial Network Credit Card Master Note Trust U.S. ABS trust. The confirmations are based on credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels.
The following transactions were reviewed:
-- World Financial Network Credit Card Master Note Trust, Series 2012-D
-- World Financial Network Credit Card Master Note Trust, Series 2015-A
-- World Financial Network Credit Card Master Note Trust, Series 2015-B
-- World Financial Network Credit Card Master Note Trust, Series 2015-C
-- World Financial Network Credit Card Master Note Trust, Series 2016-B
-- World Financial Network Credit Card Master Note Trust, Series 2016-C
-- World Financial Network Credit Card Master Note Trust, Series 2017-A
-- World Financial Network Credit Card Master Note Trust, Series 2017-B
-- World Financial Network Credit Card Master Note Trust, Series 2017-C
-- World Financial Network Credit Card Master Note Trust, Series 2009-VFN
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 applicable 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 for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the 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
World Financial Network Credit Card Master Note Trust Series 2009-VFN
World Financial Network Credit Card Master Note Trust Series 2012-D
World Financial Network Credit Card Master Note Trust Series 2015-A
World Financial Network Credit Card Master Note Trust Series 2015-B
World Financial Network Credit Card Master Note Trust Series 2015-C
World Financial Network Credit Card Master Note Trust Series 2016-B
World Financial Network Credit Card Master Note Trust Series 2016-C
World Financial Network Credit Card Master Note Trust Series 2017-A
World Financial Network Credit Card Master Note Trust Series 2017-B
World Financial Network Credit Card Master Note Trust Series 2017-C
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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Related Documents
Methodology Used:
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Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Mark Zelmanovich
Senior Vice President - US ABS Ratings, Surveillance
+(1) 212 806 3254
mark.zelmanovich@morningstar.com - Jayce Fox
Senior Vice President, US ABS Surveillance - Global Structured Finance
+1 203 883 5815
jayce.fox@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com