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

February 3, 2014

NEW YORK --(BUSINESS WIRE)-- 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%. 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% of class B notes, 8.4338% of class C notes, and 1.2049% 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% 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% 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% increase in defaults and 35% 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 ' www.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 ' www.fitchratings.com '. Applicable criteria available at ' www.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://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=734455 Global Credit Card ABS Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709356 Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=819210 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' 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 ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst Lauren Tierney Associate Director +1-212-908-9168 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 or Secondary Analyst Jared Kirsch Analyst +1-212-908-0646 or Committee Chairperson Steven Stubbs Senior Director +1-212-908-0676 or Media Relations: Sandro Scenga , +1-212-908-0278 ( New York ) sandro.scenga@fitchratings.com Source: Fitch Ratings


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