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

DBRS, Inc. (Morningstar DBRS) confirmed the ratings on World Financial Network Credit Card Master Note Trust series 2009-VFN and two World Financial Capital Master Note Trust transactions as follows:

World Financial Capital Master Note Trust Series 2009-VFN
-- Class A at AAA (sf)
-- Class M at AA (sf)

World Financial Network Credit Card Master Note Trust Series 2009-VFN
-- Class A at AAA (sf)
-- Class M at AA (sf)

World Financial Network Credit Card Master Note Trust Series 2023-A
-- Class A at AAA (sf)
-- Class M at AA (sf)

The rating confirmations are based on the following analytical considerations:

-- The transaction assumptions consider Morningstar DBRS’ baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios For Rated Sovereigns: December 2023 Update,” published on December 19, 2023. These baseline macroeconomic scenarios replace Morningstar DBRS’ 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 Morningstar DBRS base-case assumptions.

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

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no environmental, social, or governance factors 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 DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (July 4, 2023) https://dbrs.morningstar.com/research/416784.

Notes:
All figures are in U.S. Dollars unless otherwise noted.

The principal methodology applicable to the credit ratings is DBRS Morningstar Master U.S. ABS Surveillance (22 October 2023) https://dbrs.morningstar.com/research/422279.

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

The credit rating was initiated at the request of the rated entity

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

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

This is a solicited credit rating.

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 Servicers (July 20, 2023)
https://www.dbrsmorningstar.com/research/417415

Operational Risk Assessment for U.S. ABS Originators (July 20, 2023)
https://www.dbrsmorningstar.com/research/417416

Legal Criteria for U.S. Structured Finance (December 7, 2023)
https://www.dbrsmorningstar.com/research/425081

Rating U.S. Structured Finance Transactions (October 30, 2023)
https://www.dbrsmorningstar.com/research/422592

Rating U.S. Credit Card Asset-Backed Securities (July 24, 2023)
https://www.dbrsmorningstar.com/research/417562

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