Fitch Ratings expects to assign the following ratings to Cabela's Credit Card Master Note Trust's asset-backed notes, series 2011-II:
--$212,500,000 Class A-1 and A-2 fixed/floating-rate 'AAAsf'/LS1, Outlook Stable;
--$20,000,000 Class B fixed-rate 'A+sf'/LS2, Outlook Stable;
--$10,625,000 Class C fixed-rate 'BBB+sf'/LS2, Outlook Stable;
--$6,875,000 Class D fixed-rate 'BB+sf'/LS3, Outlook Stable.
Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, World's Foremost Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.
The transaction structure is similar to series 2010-II, with credit enhancement totaling 15% for class A, credit enhancement of 7% for the class B, credit enhancement of 2.75% plus an amount from a spread account for the class C, and credit enhancement of an amount from a spread account for the class D notes only.
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Applicable criteria available at 'www.fitchratings.com':
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Credit Card ABS Rating Criteria' (June 29, 2010);
--'Global Structured Finance Rating Criteria' (Aug. 16, 2010).
Applicable Criteria and Related Research: Cabela's Credit Card Master Note Trust, Series 2011-II (US ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639111
Global Credit Card ABS Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=529926
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
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