OREANDA-NEWS. Fitch Ratings expects to assign the following ratings to Synchrony Credit Card Master Note Trust's asset-backed notes, series 2015-2:

--\$500,000,000 class A fixed-rate 'AAAsf'; Outlook Stable;
--\$48,611,111 class B fixed-rate 'AAsf'; Outlook Stable;
--\$41,666,667 class C fixed-rate 'Asf'; Outlook Stable;
--\$69,444,444 class D fixed-rate 'NR'.

Key Rating Drivers:

Fitch's expected ratings are based on the underlying receivables pool, available credit enhancement, Synchrony Bank's underwriting, General Electrical Capital Corporation's servicing, as well as Synchrony Financial's subservicing capabilities and the transaction's legal and cash flow structures, which employ early redemption triggers.

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 monthly payment rate (MPR).

Increasing defaults and reducing purchase rate alone have the least impact on rating migration even in the most severe scenario of a 75% increase in defaults. The harshest scenario assumes both stresses in increased charge-offs and reduction to MPR to 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.

To date, the transactions have exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of our sensitivity analysis, please see the related presale report. For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction please see the related presale appendix.

The presale report is available to all investors on Fitch's website at '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 +1-212-908-0800 or at 'webmaster@fitchratings.com'.