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Fitch to Rate Capital One Multi-asset Execution Trust, Class A (2014- 1); Presale Issued

February 15, 2014

Fitch Ratings has issued a presale for Capital One Multi-asset Execution Trust, class A (2014-1), which Fitch expects to rate as follows:

--$750,000,000 class A (2014-1) 'AAAsf'; Outlook Stable.

Key Rating Drivers:

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, Capital One Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

Credit enhancement (CE) for the class A (2014-1) notes totals 17.00 percent. The required subordinated amount for the issuance of class A notes, expressed as a percentage of the adjusted outstanding dollar principal amount of class A notes, is 10.8434 percent of class B notes, 8.4338 percent of class C notes, and 1.2049 percent of class D notes.

Rating Sensitivities:

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset- backed securities transactions: 1) increased defaults; 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower monthly payment rate (MPR).

Increasing defaults alone has no impact on rating migration even in the most severe scenario of a 75 percent increase in defaults. The rating sensitivity to a reduction in purchase rate also has no impact on rating migration even in the most severe scenario of a 100 percent reduction in purchase rate. The harshest scenario assumes increased defaults and reduced MPR simultaneously. All classes could be downgraded under the severe stress of a 75 percent increase in defaults and 35 percent reduction in MPR.

To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of our sensitivity analysis, please see the related presale report. For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction please see the related presale appendix.

The presale report is available to all investors on Fitch's website at 'fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

Additional information is available at 'fitchratings.com'.

Applicable criteria available at 'fitchratings.com':

--'Global Credit Card ABS Rating Criteria' (June 7, 2013);

--'Global Structured Finance Rating Criteria' (May 24, 2013).

Applicable Criteria and Related Research: Capital One Multi- Asset Execution Trust, Class A (2014-1) Notes (US ABS)

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=734455

Global Credit Card ABS Rating Criteria

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=709356

Global Structured Finance Rating Criteria

http://fitchratings.com/creditdesk/reports/ report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://fitchratings.com/gws/en/disclosure/ solicitation?pr_id=819210

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