DBRS Assigns Provisional Ratings to World Financial Network Credit Card Master Note Trust Series 2019-C

DBRS, Inc. (DBRS) assigned provisional ratings to the following classes of notes (the Series 2019-C Notes) to be issued by World Financial Network Credit Card Master Note Trust Series 2019-C (the Issuing Entity):

-- $300,000,000 Class A Notes rated AAA (sf)
-- $26,713,000 Class M Notes rated AA (sf)
-- $15,411,000 Class B Notes rated A (high) (sf)

The provisional ratings are based on a review by DBRS of the following analytical considerations:
-- The form and sufficiency of available credit enhancement.
-- DBRS has performed an operational risk review to assess the capability of Comenity Bank’s (Comenity) origination and servicing functions in Columbus, Ohio. DBRS deems Comenity to be an acceptable originator and servicer.
-- The performance and quality of the credit card receivables pool.
-- The legal structure and presence of legal opinions that will address the true sale of the assets to the Issuing Entity, the non-consolidation of the special-purpose vehicle with Comenity, the fact that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance.”

The ratings on the Series 2019-C Notes reflect sufficient credit enhancement levels for each rating, the credit quality of the collateral loan pool, the historical portfolio performance and the effectiveness of the dual waterfall payment structure and legal structure. The ratings address the timely payment of interest and full payment of principal by the legal final maturity date. There are currently ten term series and one variable funding note (VFN) outstanding prior to the issuance of the Series 2019-C Notes. The total invested amount of all outstanding term notes and the VFN was $6.47 billion as of July 31, 2019.

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

The principal methodology is Rating U.S. Credit Card Asset-Backed Securities, 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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