April 5 - OVERVIEW -- World Financial Network Credit Card Master Note Trust's series 2012-A note issuance is an ABS securitization backed by a collateral certificate representing an ownership interest in the receivables held by World Financial Network Credit Card Master Trust. The receivables are generated under consumer credit card accounts originated through various merchant agreements. -- We assigned our preliminary ratings to the class A, M, B, and C notes. -- The preliminary ratings reflect our view of the transaction's credit support, payment and legal structures, and timely interest and principal payments, among other factors. April 5 - Standard & Poor's Ratings Services today assigned its preliminary ratings to World Financial Network Credit Card Master Note Trust's $320 million asset-backed notes series 2012-A (see list). The note issuance is an asset-backed securities transaction backed by a collateral certificate representing an ownership interest in the receivables held by World Financial Network Credit Card Master Trust. The receivables are generated under consumer credit card accounts originated through various merchant agreements. The preliminary ratings are based on information as of April 5, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect our view of: -- Our view that the credit support for each class of notes is sufficient to withstand the simultaneous stresses we apply to our 8.25%-10.25% base-case loss rate assumption, our 14.0%-16.0% base-case payment rate assumption, and our 24.0%-26.0% base-case yield assumption for each preliminary rating category. In addition, we use stressed excess spread assumptions to determine if sufficient credit support is available for each preliminary rating category. Our purchase rate assumption for this transaction is zero. All of the stress assumptions outlined above are based on our current criteria (see "General Methodology And AssumptionsRELATED CRITERIA AND RESEARCH -- Presale: World Financial Network Credit Card Master Note Trust - Series 2012-A, published April 5, 2012. -- U.S. and Canada Credit Card Quality Index Report: Losses Among U.S. Bankcards Declined Slightly In January, published Feb. 29, 2012. -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011. -- Revised Purchase And Payment Rate Assumptions For U.S. Credit Card ABS, published Sept. 14, 2011. -- Principles Of Credit Ratings, published Feb. 16, 2011. -- Methodology: Credit Stability Criteria, published May 3, 2010. -- General Methodology And Assumptions For Rating U.S. ABS Credit Card Securitizations, published April 19, 2010. PRELIMINARY RATINGS ASSIGNED World Financial Network Credit Card Master Note Trust - Series 2012-A Class Rating Amount A AAA (sf) 250,000,000 M AA+ (sf) 12,500,000 B A+ (sf) 15,833,333 C BBB (sf) 41,666,667 D NR 13,333,334 NR--Not rated.