OREANDA-NEWS. Fitch Ratings expects to assign the following rating to the First National Master Note Trust, series 2015-1 credit card asset-backed floating rate notes:

--\\$250,000,000 class A notes 'AAAsf(EXP)'; Outlook Stable.

KEY RATING DRIVERS
Fitch's expected rating is based on the underlying receivables pool; available credit enhancement; First National Bank of Omaha's underwriting and servicing capabilities; and the transaction's legal and cash flow structures, which employ early amortization 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 alone has no impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduction in purchase rate also leads to no impact in rating migration even in the most severe scenario of a 100% reduction in purchase rate. The harshest scenario assumes that an increase in defaults and reduction in monthly payment rate occur simultaneously. In this scenario, the ratings could be downgraded under the severe stress of a 75% increase in defaults and 35% reduction in MPR.

For further discussion of Fitch's 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.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.