Fitch to Rate Cabela's Credit Card Master Note Trust 2013-I; Presale Issued

NEW YORK--(BUSINESS WIRE)--Fitch Ratings expects to assign the following ratings to Cabela's Credit Card Master Note Trust's asset-backed notes, series 2013-I, as follows:

--$255,000,000 class A fixed-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.

KEY RATING DRIVERS

Fitch's expected 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 transaction structure is similar to series 2012-II, with credit enhancement totaling 15% for class A, credit enhancement of 7% for the class B, credit enhancement of 2.75% plus an amount from a spread account for the class C, and credit enhancement of an amount from a spread account for the class D notes only.

RATING SENSITIVITY

For discussion surrounding our sensitivity analysis please see our presale.

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 2012);

--'Global Structured Finance Rating Criteria' (June 2012).

Applicable Criteria and Related Research Cabela - Credit Card Master Note Trust, Series 2013-I (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=702451

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681533

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