Fitch Rates GE Capital Credit Card Master Note Trust, Series 2013-1

NEW YORK--()--Fitch Ratings assigns the following ratings to GE Capital Credit Card Master Note Trust's asset-backed notes, series 2013-1:

--$800,000,000 class A fixed-rate 'AAAsf'; Outlook Stable;

--$100,946,372 class B fixed-rate 'A+sf'; Outlook Stable;

--$68,138,802 class C fixed-rate 'BBB+sf'; Outlook Stable.

Key Rating Drivers:

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, GE Capital Retail Bank's underwriting, General Electrical Capital Corporation's servicing 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 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 chargeoffs 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.

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);

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (April 2012).

Applicable Criteria and Related Research

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions -- Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

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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Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon, +1 212-908-0847
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
or
Media Relations:
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com
or
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon, +1 212-908-0847
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Jenny Ovalle, +1 212-908-0849
Associate Director
or
Media Relations:
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com
or
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com