Press Release

DBRS Morningstar Confirmed the Ratings of 10 World Financial Network Credit Card Master Note Trust Transactions

Consumer Loans & Credit Cards
February 12, 2020

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on 30 securities issued by 10 World Financial Network Credit Card Master Note Trust transactions. The rating confirmations reflect that the credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The transactions reviewed were

-- World Financial Network Credit Card Master Note Trust Series 2015-B
-- World Financial Network Credit Card Master Note Trust Series 2017-A
-- 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 2018-B
-- World Financial Network Credit Card Master Note Trust Series 2018-C
-- World Financial Network Credit Card Master Note Trust Series 2019-A
-- World Financial Network Credit Card Master Note Trust Series 2019-B
-- World Financial Network Credit Card Master Note Trust Series 2019-C
-- World Financial Network Credit Card Master Note Trust Series 2009-VFN

The ratings are based on DBRS Morningstar’s review of the following analytical considerations:

-- The transaction’s capital structure, current ratings, and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities regarding 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 not participate in the rating process for this rating action. DBRS Morningstar did have 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 attached 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 [email protected].

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA

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.