2009-04-07 18:58:03 -

Fitch Ratings expects to rate World Financial Network Credit Card Master Note Trust, series 2009-A notes as follows.

--$350,000,000 class A fixed-rate asset-backed notes (2009-A) 'AAA';

--$16,613,924 class M fixed-rate asset-backed notes (2009-A) 'AA';

--$21,044,304 class B fixed-rate asset-backed notes (2009-A) 'A+';

--$55,379,747 class C fixed-rate asset-backed notes (2009-A) 'BBB'.

The class A notes of series 2009-A will be

publicly offered and will be eligible collateral for a loan under the Term Asset-Backed Loan Facility (TALF) provided by the Federal Reserve Bank of New York.

Fitch's expected ratings are based on the underlying collateral pool, available credit enhancement, World Financial Network National Bank's (WFNNB) underwriting and servicing capabilities, and the transaction's financial and legal structures that employ early amortization triggers.

The transaction structure is similar to series 2008-B, with credit enhancement totaling 25.0% for class A, credit enhancement of 21.25% for the class M, credit enhancement of 16.50% for class B, and credit enhancement of 4.00% plus an amount from a dedicated spread account for the class C notes.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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 RatingsHerman C. Poon, +1-212-908-0847Cynthia Ullrich,
+1-212-908-0609Sandro Scenga, +1-212-908-0278 (Media Relations) sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com