DBRS Confirms Ratings of Cabela's Credit Card Master Note Trust Series 2013-I

DBRS, Inc. (DBRS) confirmed the ratings of Class A, Class B, Class C and Class D of the Cabela's Credit Card Master Note Trust Series 2013-I U.S. asset-backed security transaction at AAA (sf), A (high) (sf), BBB (sf) and BB (sf), respectively. Performance of the securities is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, current 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:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

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.

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