Fitch Ratings expects to assign the following ratings to GE Capital Credit Card Master Note Trust's asset-backed notes, series 2012-4:
--$250,000,000 class A floating-rate 'AAAsf'; Outlook Stable;
--$36,065,574 class B floating-rate 'A+sf'; Outlook Stable;
--$23,770,492 class C floating-rate 'BBB+sf'; Outlook Stable.
Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, GE Capital Retail Bank's underwriting, General Electric 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'. 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' (June 4, 2012).
Applicable Criteria and Related Research: GE Capital Credit Card Master Note Trust, Series 2012-4 (US ABS)
Global Credit Card ABS Rating Criteria
Global Structured Finance Rating Criteria
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