Fitch to Rate World Financial Network Credit Card Master Note Trust, Series 2012-A; Presale Issued

Link to Fitch Ratings' Report: World Financial Network Credit Card Master Note Trust, Series 2012-A (U.S. ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675111

Fitch Ratings expects to assign the following ratings to World Financial Network Credit Card Master Note Trust's asset-backed notes, series 2012-A:

--$250,000,000 class A fixed-rate 'AAAsf'; Outlook Stable;

--$12,500,000 class M fixed-rate 'AAsf'; Outlook Stable;

--$15,833,333 class B fixed-rate 'A+sf'; Outlook Stable;

--$41,666,667 class C fixed-rate 'BBBsf'; Outlook Stable;

--$13,333,334 class D fixed-rate 'NR'.

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, World Financial Network Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

The presale report is available to all investors on Fitch's corporate site '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 [phone] or at '[e-mail]'.

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:

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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Contacts:

Fitch Ratings
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Associate Director
Fitch Inc.
One State Street Plaza
New York, NY 10004
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Senior Director
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