Fitch Ratings expects to assign the following ratings to Cabela's Credit Card Master Note Trust's asset-backed notes, series 2012-I:
--$297,500,000 class A-1/A-2 fixed/floating-rate 'AAAsf'; Outlook Stable;
--$28,000,000 class B fixed-rate 'Asf'; Outlook Stable;
--$14,875,000 class C fixed-rate 'BBBsf'; Outlook Stable;
--$9,625,000 class D fixed-rate 'BBsf'; 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 class B, C, and D bonds may be able to achieve a rating one notch higher than indicated at closing if a substantial majority of class A bonds have a fixed, rather than floating, coupon.
The transaction structure is similar to series 2012-IV, 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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Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Credit Card ABS Rating Criteria' (June 28, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).
Applicable Criteria and Related Research: Cabela???s Credit Card Master Note Trust, Series 2012-I (U.S. ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672770
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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