Morningstar DBRS Confirms Credit Ratings on World Financial Network Credit Card Master Note Trust Series 2009-VFN and three World Financial Capital Master Note Trust Transactions

DBRS, Inc. (Morningstar DBRS) confirmed the credit ratings on World Financial Network Credit Card Master Note Trust Series 2009-VFN and three World Financial Capital Master Note Trust Transactions as detailed in the summary chart below.

The credit rating actions are based on the following analytical considerations:

-- The trust has sufficient credit enhancement in the form of overcollateralization, subordination and excess spread.

-- The transaction parties' capabilities regarding origination, underwriting, and servicing.

-- The ability of the trust to perform within Morningstar DBRS' base case assumptions:

(1) World Financial Capital Master Note Trust

a. DBRSM base case yield assumption is 16.00% and current portfolio net yield is 26.59%.
b. DBRSM's base case payment rate is 10.00% and current principal payment rate is 11.26%.
c. DBRSM base case charge-off assumption is 12.00%; current net charge-off is 8.14%.

(2) World Financial Network Credit Card Master Trust
a. DBRSM base case yield assumption is 17.00% and current portfolio net yield is 26.13%.
b. DBRSM's base case payment rate is 10.00% and current principal payment rate is 15.08%.
c. DBRSM base case charge-off assumption is 12.00%; current net charge-off is 7.76%.

-- The transaction assumptions consider Morningstar DBRS's baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated Sovereigns - September Update, published on September 25, 2024. These baseline macroeconomic scenarios replace Morningstar DBRS's moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020.

World Financial Network Credit Card Master Trust 2024-A:
Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024) https://dbrs.morningstar.com/research/437781.

Notes:
The principal methodology applicable to the credit ratings is Morningstar DBRS Master U.S. ABS Surveillance (December 5, 2024) https://dbrs.morningstar.com/research/444163

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit ratings were initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for these credit rating actions.

Morningstar DBRS had access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with these credit rating actions.

These are solicited credit ratings.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
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New York, NY 10005 USA
Tel. +1 212 806-3277

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Operational Risk Assessment for U.S. ABS Originators and Servicers (December 05, 2024)
https://dbrs.morningstar.com/research/444162

-- Interest Rate Stresses for U.S. Structured Finance Transactions (February 26, 2024)
https://dbrs.morningstar.com/research/428623

-- Legal Criteria for U.S. Structured Finance (December 03, 2024)
https://dbrs.morningstar.com/research/444064

-- Rating U.S. Structured Finance Transactions (November 18, 2024)
https://dbrs.morningstar.com/research/443136

-- Rating U.S. Credit Card Asset-Backed Securities (August 06, 2024)
https://dbrs.morningstar.com/research/437551

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.