DBRS Morningstar Confirmed the Ratings of World Financial Capital Master Note Trust Series 2009-VFN

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on the Series 2009-VFN, Class A and Series 2009-VFN, Class M securities issued by World Financial Capital Master Note Trust Series 2009-VFN at AAA (sf) and AA (sf), respectively. 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 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 info@dbrs.com.

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