OREANDA-NEWS. Fitch Ratings has affirmed World Financial Network Credit Card Master Note Trust's long-term ratings. The Rating Outlooks remain Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation is based on continued positive trust performance and robust breakeven multiples.

The current 12-month average gross yield for World Financial Network Credit Card Master Note Trust is 35.22% as of the March 2016 distribution period.

Monthly payment rate (MPR), a measure of how quickly consumers are paying off their debt, has decreased over the past year. Currently the 12-month average is 18.36%, down from 19.00% at the March 2015 distribution period.

Gross chargeoffs have increased since last review. Currently, the 12-month average is 7.66%, up from 7.25% at last year's review. As of the March 2016 reporting period, the 12-month average 60+ day delinquencies were 3.09% compared to the 12 -month average of 2.92% at this point last year. Fitch expects chargeoff levels to slightly rise in the near term given the upsurge in recent performance.

Fitch runs cash flow breakeven analysis by applying stress scenarios to three-, six-, and 12-month performance averages to evaluate the breakeven loss multiples at different rating levels. The performance variables that Fitch stress are 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.

The affirmations are based on the performance of the trusts in line with expectations. The Stable Outlook indicates that Fitch expects the ratings will remain stable for the next one to two years.

Fitch's analysis included a comparison of observed performance trends over the past few months to Fitch's base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

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. The default and MPR stresses are stressed off the Fitch steady state levels.

Decreasing purchase rate alone has the least impact on rating migration even in the most severe scenario of a 100% decrease in purchase rate. The rating sensitivity to an increase in defaults from the steady state level also does not have any rating migration. The harshest scenario assumes both stresses to defaults and MPR to occur simultaneously. The ratings would only be downgraded under the severe stress of a 75% increase in defaults and 35% reduction in MPR from steady state levels.

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 new issue report related to one of the transactions listed below.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

World Financial Network Credit Card Master Note Trust Series 2011-B:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-A:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-B:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-C:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2012-D:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2013-A:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2013-B:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Positive;
--Class B at 'A+sf'; Outlook Positive;
--Class C at 'BBBsf'; Outlook Positive.

World Financial Network Credit Card Master Note Trust Series 2014-C:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook revised to Stable from Positive;
--Class B at 'A+sf'; Outlook revised to Stable from Positive;
--Class C at 'BBBsf'; Outlook revised to Stable from Positive.

World Financial Network Credit Card Master Note Trust Series 2015-A:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Stable;
--Class B at 'A+sf'; Outlook Stable;
--Class C at 'BBBsf'; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2015-B:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Stable;
--Class B at 'A+sf'; Outlook Stable;
--Class C at 'BBBsf'; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2015-C:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'AAsf'; Outlook Stable;
--Class B at 'A+sf'; Outlook Stable;
--Class C at 'BBBsf'; Outlook Stable.

World Financial Network Credit Card Master Note Trust Series 2009-VFN:
--Class A at 'AAAsf'; Outlook Stable;
--Class M at 'A+sf'; Outlook Stable;