DBRS Morningstar Confirms Ratings on Four World Financial Network Credit Card Master Note Trust Series, Confirms Ratings on World Financial Capital Master Note Trust Series 2009-VFN

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on the securities issued by the following four World Financial Network Credit Card Master Note Trust series:

-- World Financial Network Credit Card Master Note Trust Series 2009-VFN
-- 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

In addition, DBRS Morningstar confirmed the ratings on World Financial Capital Master Note Trust Series 2009-VFN.

The rating confirmations are based on the following analytical considerations:

-- The transaction assumptions consider DBRS Morningstar’s baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios For Rated Sovereigns December 2021 Update, published on December 9, 2021. These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020. The baseline macroeconomic scenarios reflect the view that recent COVID-19 developments, particularly the new Omicron variant with subsequent restrictions, combined with rising inflation pressures in some regions, may dampen near-term growth expectations in coming months. However, DBRS Morningstar expects the baseline projections will continue to point to an ongoing, gradual recovery.

-- Credit enhancement is in the form of overcollateralization, a reserve account, subordination and excess spread. Credit enhancement levels are sufficient to cover DBRS Morningstar-expected losses at their current respective rating levels.

-- Credit quality of the collateral pool and historical performance. The ability of the transaction to perform within DBRS Morningstar’s base case assumptions.

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

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (January 27, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/389454.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar 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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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