Fitch to Rate World Financial Network Credit Card Master Note Trust, Series 2009-B; Presale Issued.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch expects to rate World Financial Network Credit Card Master Note Trust, series 2009-B fixed rate asset-backed notes as follows: --$375,000,000 class A (2009-B) 'AAA'; --$17,800,633 class M (2009-B) 'AA'; --$22,547,469 class B (2009-B) 'A+'; --$59,335,444 class C (2009-B) 'BBB'. The class A notes of series 2009-B will be publicly offered and will be eligible collateral for a loan under the Term Asset-Backed Loan Facility (TALF TALF Trip Advisor London Forum TALF Take A Look! Foundation ) provided by the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . Fitch's expected ratings are based on the underlying collateral pool, available credit enhancement, World Financial Network National Bank's (WFNNB WFNNB World Financial Network National Bank ) underwriting and servicing capabilities, and the transaction's financial and legal structures that employ early amortization triggers. The transaction structure is similar to series 2009-A, with credit enhancement totaling 25.0% for class A, credit enhancement of 21.25% for the class M, credit enhancement of 16.50% for class B, and credit enhancement of 4.00% plus an amount from a dedicated spread account for the class C notes. For more information, see the World Financial Network Credit Card Master Note Trust, series 2009-B presale report, available to all investors on Fitch's web site, 'www.fitchratings.com'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion