Fitch rates First National Master Note Trust Series 2009-1 asset backed notes as follows:
--$600,000,000 1 month LIBOR+1.35% class A (2009-1) 'AAA'; Outlook Stable;
--$49,342,000 1 month LIBOR class C (2009-1) 'BBB'; Outlook Stable;
--$27,632,000 1 month LIBOR class D (2009-1) 'BB'; Outlook Stable.
The ratings above are based on the quality of the underlying receivables pool, the available credit enhancement, and the legal and cash flow structure. Fitch also considers other features embedded in the transaction for the ratings, such as 'fixed allocation of finance charge collections' and other amortization triggers.
For more information see the First National Master Note Trust Series 2009-1 presale report, available to all investors on Fitch's web site at www.fitchratings.com.
Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
Contacts:
Fitch Ratings, New York
Tracy Wan, 212-908-9171
Cynthia
Ullrich, 212-908-0609
or
Media Relations:
Sandro Scenga,
212-908-0278
Email: sandro.scenga@fitchratings.com