DBRS Confirms Ratings on Nine Series of World Financial Network Credit Card Master Note Trust

DBRS, Inc. (DBRS) confirmed the outstanding public ratings of 30 securities of nine series issued by World Financial Network Credit Card Master Note Trust. On February 4, 2018, one of the retailers within the trust — The Bon-Ton Stores, Inc. — and its subsidiaries applied for Chapter 11 bankruptcy protection but will liquidate all 256 of its stores. The receivables in the trust will liquidate as well. In response to the bankruptcy, Comenity Bank amended each of the outstanding series to add additional credit enhancement. The credit enhancement ranged from 1.0% to 2.50% for each series’ Class A notes and in total added $187 million to the entire group of series.

All of the securities reviewed were confirmed, as their performance is such that credit enhancement levels are sufficient to cover the DBRS loss expectations at their 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-B
-- 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 2018-A
-- World Financial Network Credit Card Master Note Trust Series 2009-VFN

The ratings are based on a review by DBRS 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 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.