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

DBRS, Inc. (DBRS Morningstar) confirmed the ratings on World Financial Network Credit Card Master Note Trust series 2009 VFN and 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 2022 Update, published on December 21, 2022. These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020.

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

-- 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
There were no environmental, social, or governance factors that had a significant or relevant effect on the credit analysis.

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/396929 (May 17, 2022).

Notes:
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (November 08, 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/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.
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.

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

Operational Risk Assessment for U.S. ABS Servicers (8 November, 2022)
https://www.dbrsmorningstar.com/research/405083/operational-risk-assessment-for-us-abs-servicers
Operational Risk Assessment for U.S. ABS Originators (8 November, 2022)
https://www.dbrsmorningstar.com/research/405082/operational-risk-assessment-for-us-abs-originators
Interest Rate Stresses for U.S. Structured Finance Transactions (30 August, 2022)
https://www.dbrsmorningstar.com/research/402153/interest-rate-stresses-for-us-structured-finance-transactions
Legal Criteria for U.S. Structured Finance (7 December, 2022)
https://www.dbrsmorningstar.com/research/407008/legal-criteria-for-us-structured-finance
Rating U.S. Structured Finance Transactions (8 November, 2022)
https://www.dbrsmorningstar.com/research/405084/rating-us-structured-finance-transactions
Rating U.S. Credit Card Asset-Backed Securities (8 August, 2022)
https://www.dbrsmorningstar.com/research/401145/rating-us-credit-card-asset-backed-securities

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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