Fitch Rates World Financial Network Credit Card Master Note Trust, Series 2009-C

NEW YORK — Fitch rates World Financial Network Credit Card Master Note Trust, series 2009-C fixed-rate asset-backed notes as follows:

• $110,000,000 class A (2009-C) ‘AAA’, Outlook Stable;
• $5,221,519 class M (2009-C) ‘AA’, Outlook Stable;
• $6,613,925 class B (2009-C) ‘A+’, Outlook Stable;
• $17,405,064 class C (2009-C) ‘BBB’, Outlook Stable.

The class A notes of series 2009-C are publicly offered and will be eligible collateral for a loan under the Term Asset-Backed Loan Facility (TALF) provided by the Federal Reserve Bank of New York.

Fitch’s ratings are based on the underlying collateral pool, available credit enhancement, World Financial Network National Bank’s (WFNNB) underwriting and servicing capabilities, and the transaction’s financial and legal structures that employ early amortization triggers.

For more information, see the World Financial Network Credit Card Master Note Trust, series 2009-C presale report, available to all investors on Fitch’s web site, ‘www.fitchratings.com’.

Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.