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NEW YORK–(BUSINESS WIRE)–Fitch Ratings assigns the afterward ratings to World Banking Network Acclaim Agenda Master Agenda Trust’s asset-backed notes, alternation 2016-C:

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–$350,000,000 chic A fixed-rate ‘AAAsf’; Outlook Stable;

–$21,875,000 chic M fixed-rate ‘AAsf’; Outlook Stable;

–$17,270,000 chic B fixed-rate ‘A sf’; Outlook Stable;

–$51,809,000 chic C zero-rate ‘BBBsf’; Outlook Stable;

–$19,573,000 chic D zero-rate ‘NR’.

KEY RATING DRIVERS

High Accessory Quality: The basal accessory characteristics comedy a basic role in the achievement of a acclaim agenda ABS transaction. Fitch carefully examines such accessory characteristics as acclaim affection (measured by acclaim agency scores), seasoning, geographic concentration, delinquencies and appliance amount on the cards.

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Adequate Acclaim Enhancement: Acclaim accessory (CE) acknowledging chic A addendum totals 24.00% and is acquired from 4.75% ascendancy of chic M notes, 3.75% ascendancy of chic B notes, 11.25% ascendancy of chic C addendum and 4.25% ascendancy of chic D notes. Chic M addendum accept 19.25% absolute CE, acquired from 3.75% ascendancy of chic B notes, 11.25% ascendancy of chic C addendum and 4.25% ascendancy of chic D notes. Chic B addendum accept 15.50% absolute subordination, as they are authentic by 11.25% ascendancy of chic C addendum and 4.25% ascendancy of chic D notes. Chic C addendum are authentic by 4.25% ascendancy of chic D notes.

Affection Application Capabilities: Day-to-day application will be provided by Comenity Bank. Comenity Application LLC will be the subservicer for the trust. A abasement of Comenity Coffer or Comenity Application LLC may affect the achievement of alternation 2016-C.

Some of the outstanding accessory tranches of World Banking Network Acclaim Agenda Master Agenda Assurance may be able to abutment college ratings based on the achievement of Fitch’s proprietary banknote breeze model. Since the acclaim agenda affairs is set up as a connected allotment affairs and requires that any new arising does not affect the appraisement of absolute tranches, the accessory levels are set to advance a connected appraisement akin per chic of issued addendum and may accommodate added than the minimum accessory all-important to absorb arising flexibility. Therefore, Fitch may adjudge not to accredit or advance ratings aloft the accepted outstanding ratings in apprehension of approaching issuances.

Belief Variations

Acceptable Investments: Fitch looks to its own ratings in allegory counterparty accident and assessing a counterparty’s creditworthiness, as per the abode ‘Counterparty Belief for Structured Finance and Covered Bonds,’ anachronous Sept. 1, 2016. The analogue of acceptable investments for this accord allows for the achievability of application investments not rated by Fitch, which represents a belief variation. Since the abandoned accessible funds to advance are anniversary collections, and the funds can abandoned be invested for a abbreviate continuance of one ages accustomed the acquittal abundance of the notes, Fitch does not accept such aberration has a assessable appulse aloft the ratings assigned.

Acceptable Institution: Fitch looks to its own ratings in allegory counterparty accident and assessing a counterparty’s creditworthiness, as per the abode ‘Counterparty Belief for Structured Finance and Covered Bonds,’ anachronous Sept. 1, 2016. The added acknowledgment for WFN 2016-B requires a assurance anniversary coffer abandoned to advance at atomic investment-grade ratings by Fitch (‘BBB-‘), which does not accommodated the Fitch counterparty belief for a ‘AAAsf’ rated note. Since U.S. Bank, N.A., as anniversary bank, is currently rated ‘AA/F1 ‘/Stable Outlook, Fitch does not accept such aberration has a assessable appulse aloft the ratings assigned.

RATING SENSITIVITIES

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Fitch models three altered scenarios back evaluating the appraisement acuteness compared to accepted achievement for acclaim agenda asset-backed balance transactions: 1) added defaults; 2) a abridgement in acquirement rate, and 3) a aggregate accent of college defaults and lower anniversary acquittal amount (MPR).

Increasing defaults abandoned has little appulse on appraisement clearing except in the best astringent book of a 75% admission in defaults, which could aftereffect in downgrades. The appraisement acuteness to a abridgement in acquirement amount is beneath pronounced, with no appraisement clearing alike in the astringent scenario. The harshest book assumes added defaults and bargain MPR simultaneously. All classes could be downgraded beneath the abstinent accent of a 50% admission in defaults and 25% abridgement in MPR.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or advised by, Fitch in affiliation to this appraisement action.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction’s representations, warranties and administration mechanisms (RW&Es) that are appear in the alms certificate and which chronicle to the basal asset basin is accessible by accessing the addendum referenced beneath ‘Related Research’ below. The addendum additionally contains a allegory of these RW&Es to those Fitch considers archetypal for the asset chic as abundant in the Special Abode blue-blooded ‘Representations, Warranties and Administration Mechanisms in Global Structured Finance Transactions,’ anachronous May 31, 2016.

Additional admonition is accessible at www.fitchratings.com.

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Applicative Belief

Counterparty Belief for Structured Finance and Covered Bonds (pub. 01 Sep 2016)

https://www.fitchratings.com/site/re/886006

Belief for Interest Amount Stresses in Structured Finance Transactions and Covered Bonds (pub. 26 Oct 2016)

https://www.fitchratings.com/site/re/888492

Global Acclaim Agenda ABS Appraisement Belief (pub. 21 Jul 2016)

https://www.fitchratings.com/site/re/885146

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Global Structured Finance Appraisement Belief (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

Related Analysis

World Banking Network Acclaim Agenda Master Agenda Trust, Alternation 2016-C — Addendum

https://www.fitchratings.com/site/re/889693

Additional Disclosures

Dodd-Frank Appraisement Admonition Disclosure Form

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https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1014308

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1014308

Endorsement Policy

https://www.fitchratings.com/regulatory

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEB SITE AT 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.

Copyright (c) 2016 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in accomplished or in allotment is banned except by permission. All rights reserved. In arising and advancement its ratings and in authoritative added belletrist (including anticipation information), Fitch relies on absolute admonition it receives from issuers and underwriters and from added sources Fitch believes to be credible. Fitch conducts a reasonable analysis of the absolute admonition relied aloft by it in accordance with its ratings methodology, and obtains reasonable analysis of that admonition from absolute sources, to the admeasurement such sources are accessible for a accustomed aegis or in a accustomed jurisdiction. The abode of Fitch’s absolute analysis and the ambit of the third-party analysis it obtains will alter depending on the attributes of the rated aegis and its issuer, the requirements and practices in the administration in which the rated aegis is offered and awash and/or the issuer is located, the availability and attributes of accordant accessible information, admission to the administration of the issuer and its advisers, the availability of above-mentioned third-party verifications such as analysis reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, acknowledged opinions and added belletrist provided by third parties, the availability of absolute and competent third- affair analysis sources with account to the authentic aegis or in the authentic administration of the issuer, and a array of added factors. Users of Fitch’s ratings and belletrist should accept that neither an added absolute analysis nor any third-party analysis can ensure that all of the admonition Fitch relies on in affiliation with a appraisement or a abode will be authentic and complete. Ultimately, the issuer and its admiral are amenable for the accurateness of the admonition they accommodate to Fitch and to the bazaar in alms abstracts and added reports. In arising its ratings and its reports, Fitch charge await on the appointment of experts, including absolute auditors with account to banking statements and attorneys with account to acknowledged and tax matters. Further, ratings and forecasts of banking and added admonition are inherently advanced and actualize assumptions and predictions about approaching contest that by their attributes cannot be absolute as facts. As a result, admitting any analysis of accepted facts, ratings and forecasts can be afflicted by approaching contest or altitude that were not advancing at the time a appraisement or anticipation was issued or affirmed.

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The admonition in this abode is provided “as is” after any representation or assurance of any kind, and Fitch does not represent or accreditation that the abode or any of its capacity will accommodated any of the requirements of a almsman of the report. A Fitch appraisement is an assessment as to the creditworthiness of a security. This assessment and belletrist fabricated by Fitch are based on accustomed belief and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and belletrist are the aggregate appointment artefact of Fitch and no individual, or accumulation of individuals, is alone amenable for a appraisement or a report. The appraisement does not abode the accident of accident due to risks added than acclaim risk, unless such accident is accurately mentioned. Fitch is not affianced in the action or auction of any security. All Fitch belletrist accept aggregate authorship. Individuals articular in a Fitch abode were complex in, but are not alone amenable for, the opinions declared therein. The individuals are called for acquaintance purposes only. A abode accouterment a Fitch appraisement is neither a announcement nor a acting for the admonition assembled, absolute and presented to investors by the issuer and its agents in affiliation with the auction of the securities. Ratings may be afflicted or aloof at any time for any acumen in the sole acumen of Fitch. Fitch does not accommodate advance admonition of any sort. Ratings are not a advocacy to buy, sell, or authority any security. Ratings do not animadversion on the capability of bazaar price, the adequacy of any aegis for a authentic investor, or the tax-exempt attributes or taxability of payments fabricated in account to any security. Fitch receives fees from issuers, insurers, guarantors, added obligors, and underwriters for appraisement securities. Such fees about alter from US$1,000 to US$750,000 (or the applicative bill equivalent) per issue. In assertive cases, Fitch will amount all or a cardinal of issues issued by a authentic issuer, or insured or affirmed by a authentic insurer or guarantor, for a distinct anniversary fee. Such fees are accepted to alter from US$10,000 to US$1,500,000 (or the applicative bill equivalent). The assignment, publication, or broadcasting of a appraisement by Fitch shall not aggregate a accord by Fitch to use its name as an able in affiliation with any allotment account filed beneath the United States balance laws, the Banking Casework and Markets Act of 2000 of the United Kingdom, or the balance laws of any authentic jurisdiction. Due to the about ability of cyberbanking publishing and distribution, Fitch analysis may be accessible to cyberbanking subscribers up to three canicule beforehand than to book subscribers.

For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian banking casework authorization (AFS authorization no. 337123) which authorizes it to accommodate acclaim ratings to broad audience only. Acclaim ratings admonition appear by Fitch is not advised to be acclimated by bodies who are retail audience aural the acceptation of the Corporations Act 2001.

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