Fitch Rates First National Master Note Trust Series 2008-2 Notes

2008-10-08 23:21:03 -

- Fitch rates First National Master Note Trust Series 2008-2 variable funding notes as follows.

--$48,000,000 LIBOR Class B (2008-2) 'A';

--$46,500,000 LIBOR Class C (2008-2) 'BBB';

--$12,000,000 LIBOR Class D (2008-2) 'BB+'.

The ratings above are based on the quality of the underlying receivables pool, the available credit enhancement, and the legal and cash flow structure.

The notes are issued by First National Master Note Trust, a Delaware statutory trust, and are secured by a beneficial interest in a pool of receivables originated under First National Bank of Omaha's VISA and MasterCard revolving credit card program. Fitch deems the underlying receivable pool to be of high quality given its favorable FICO distribution, account seasoning and overall performance to date.

Credit enhancement for the Class B notes includes the subordination of the Class C notes and the Class D notes. Credit enhancement for the Class C notes includes the subordination of the Class D notes and the spread account. Credit enhancement for the Class D notes is the subordination of the spread account, which will be funded with a 0.5% initial deposit on the closing date.

Fitch also considers other features embedded in the transaction for the ratings, such as 'fixed allocation of finance charge collections' and other amortization triggers.

Originally issued in 2004, series 2004-1 variable funding notes will be renewed annually with its investors.

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 Ratings, New York
Tracy Wan, +1-212-908-9171
Nicole Edwards, +1-212-908-9114
Sandro Scenga, +1-212-908-0278 (Media Relations)