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Fitch Rates World Financial Network Credit Card Master Note Trust, Series 2014-A

February 26, 2014

Fitch Ratings assigns the following ratings to World Financial Network Credit Card Master Note Trust's asset-backed notes, series 2014-A:

--$450,000,000 class A floating-rate 'AAAsf'; Outlook Stable;

--$39,062,000 class M fixed-rate 'AAsf'; Outlook Positive;

--$39,062,000 class B fixed-rate 'A+sf'; Outlook Positive;

--$71,876,000 class C fixed-rate 'BBBsf'; Outlook Positive;

--$25,000,000 class D fixed-rate 'NR'.

Key Rating Drivers:

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

The transaction has adequate credit enhancement, totaling 28.00 percent for the class A notes, 21.75 percent for the class M notes, 15.50 percent for the class B notes, and 4.00 percent for the class C notes plus a decided spread account.

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.

Increasing defaults alone has little impact on rating migration except in the most severe scenario of a 75 percent increase in defaults, which could result in downgrades. The rating sensitivity to a reduction in purchase rate is less pronounced, with no rating migration even in the severe scenario. The harshest scenario assumes increased defaults and reduced MPR simultaneously. All classes could be downgraded under the moderate stress of a 50 percent increase in defaults and 25 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 corporate site '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'

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