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Fitch: No Impact on Ratings from Amendments to GE Capital Credit Card Master Note Trust Program

NEW YORK--(BUSINESS WIRE)--Fitch Ratings currently maintains ratings as listed below on the notes issued by the GE Capital Credit Card Master Note Trust (the Trust). Fitch has been notified by the Trust that several program amendments have been executed.

First, Supplemental Indentures to Indenture Supplements have been executed to provide increased credit enhancement (CE) to certain series of the Trust through the issuance of additional excess collateral amounts. Specifically, available CE for each transaction in the Trust has increased as follows:

Fixed Rate (depends on coupon)

--Class A to 24%-26%;

--Class B to 14.16%-14.41%;

--Class C to 6.02%-7.94% plus a spread account.

Floating Rate

--Class A to 30%;

--Class B to 19.90%;

--Class C to 13.25% plus a spread account.

Fitch has updated its breakeven analysis to reflect the additional CE. The results, using the three-month average performance with a partial purchase rate stress as of June month end, are summarized below:

Fixed Rate (Class A - 24%, Class B - 14.41% and Class C - 7.94%)

--Class A is now 8.47x with the increase compared to 7.46x before the increase;

--Class B is now 6.63x with the increase compared to 5.54x before the increase;

--Class C is now 5.11x with the increase compared to 3.99x before the increase.

Fixed Rate (Class A - 26%, Class B - 14.16% and Class C - 6.02%)

--Class A is now 8.65x with the increase compared to 8.31x before the increase;

--Class B is now 6.12x with the increase compared to 5.78x before the increase;

--Class C is now 4.16x with the increase compared to 3.81x before the increase.

Floating Rate

--Class A is now 9.71x with the increase compared to 7.51x before the increase;

--Class B is now 7.81x with the increase compared to 5.49x before the increase;

--Class C is now 6.26x with the increase compared to 3.88x before the increase.

The Trust has also executed a Fourth Amendment to the Servicing Agreement, which modifies the terms and conditions surrounding the resignation of the servicer. Additionally, the Trust has executed the Instrument of Resignation, Appointment and Acceptance, which assigns Synchrony Financial as the successor administrator and permits General Electric Capital Corporation to resign from that role effective July 22, 2014.

Based on the information provided, Fitch has determined that the amendments detailed above will not have a material impact on the existing ratings at this time. This determination only addresses the effect of the amendments on the current ratings assigned by Fitch to the securities listed below. The determination does not address whether the amendments are in the best interest of, or prejudicial to, some or all of the holders of the securities listed.

The current ratings on the notes remain unchanged with a Stable Outlook and are listed below:

Series 2009-4

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2010-1

--Class A at 'AAA'.

Series 2010-2

--Class A at 'AAA'.

Series 2011-2

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-1

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-2

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-3

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-4

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-5

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-6

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2012-7

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Series 2013-1

--Class A at 'AAA';

--Class B at 'A+';

--Class C at 'BBB+'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (May 30, 2014);

--'Global Structured Finance Rating Criteria' (May 20, 2014).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748920

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst:
Herman C. Poon, +1-212-908-0847
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst:
Jenny Ovalle, +1-212-908-0849
Associate Director
or
Committee Chairperson:
Steven Stubbs, +1-212-908-0676
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com