OREANDA-NEWS. Fitch Ratings has affirmed the long-term ratings and Rating Outlooks assigned to World Financial Network Credit Card Master Note Trust as follows:

World Financial Network Credit Card Master Note Trust Series 2010-A:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2011-B:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-A:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-B:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-C:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-D:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2013-A:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2013-B:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2014-A:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2014-B:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2014-C:

--Class A at 'AAA'; Outlook Stable;
--Class M at 'AA'; Rating Outlook Positive;
--Class B at 'A+'; Rating Outlook Positive;
--Class C at 'BBB'; Rating Outlook Positive.
KEY RATING DRIVERS

The affirmation is based on continued positive trust performance. In March, gross yield reached 39.37%, the second highest point since inception of the trust. As of the March 2015 reporting period, the 12-month average gross yield was 35.13% compared to the 12-month average of 34.27% at the March 2014 reporting period.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit card debts, has remained consistent over the past year. Currently the 12-month average is 19.2%, up slightly from 19.1% at the March 2014 reporting period.

Gross chargeoffs have also been stable since the last review. Currently the 12-month average is 7.3%, up from 7.1% at the March 2014 reporting period. As of the March 2015 reporting period, the 12-month average 60+ day delinquencies were 2.92% the same when compared to the 12-month average as of March last year.

As a result of higher gross yield, stable chargeoffs and stable trust expenses, one month excess spread reached a level of 28.3% in March 2015.

Fitch has maintained the outlook at positive on the subordinate notes because of the trust's strong performance and ability to generate robust excess spread.

Fitch runs a cash flow breakeven analysis by applying stress scenarios to 3-, 6-, and 12-month performance metric averages to test whether the trust can withstand stresses and losses commensurate with the current rating level given the available credit enhancement. The variables that Fitch stresses are the gross yield, monthly payment rate, gross charge-off, and purchase rates. For further information, please review the U.S. Credit Card ABS Issuance updates published on a monthly basis.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults; 2) a reduction in purchase rate, and 3) a combination stress of higher defaults and lower MPR. Decreasing Purchase Rate alone has the least impact on rating migration even in the most severe scenario of a 100% reduction in the purchase rate base case. The rating sensitivity to an increase in defaults is more pronounced with a moderate stress, of a 50% increase, but is not leading to possible downgrades across all classes. The harshest scenario assumes both stresses occur simultaneously. Similarly, the ratings would only be downgraded under the moderate stress of a 50% increase in defaults and 25% reduction in MPR; however the severe stress could lead to more drastic downgrades to all classes.