Fitch Rates Cabela's Credit Card Master Note Trust 2011-IV

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to Cabela's Credit Card Master Note Trust's asset-backed notes, series 2011-IV:

--$165,000,000 Class A-1 fixed-rate 'AAAsf'; Outlook Stable;
--$90,000,000 Class A-2 floating-rate 'AAAsf'; Outlook Stable;
--$24,000,000 Class B fixed-rate 'A+sf'; Outlook Stable;
--$12,750,000 Class C fixed-rate 'BBB+sf'; Outlook Stable;
--$8,250,000 Class D fixed-rate 'BB+sf'; Outlook Stable.

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, World's Foremost Bank's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

The presale report is available to all investors on Fitch's corporate site 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 [phone] or at [e-mail].

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Credit Card ABS Rating Criteria' (June 28, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:
Global Credit Card ABS Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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