Fitch Ratings expects to assign the following ratings to GE Capital Credit Card Master Note Trust's asset-backed notes, series 2011-3:
--$500,000,000 class A floating-rate 'AAAsf'; Outlook Stable;
--$72,131,147 class B floating-rate 'A+sf'; Outlook Stable.
Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, GE Money Bank's underwriting, General Electrical Capital Corporation's servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.
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Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research
--'Global Credit Card ABS Rating Criteria' (June 28, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 16, 2010).
Applicable Criteria and Related Research: GE Capital Credit Card Master Note Trust, Series 2011-3 (US ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651270
Global Credit Card ABS Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
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