Moody's believed that the issuance did not have an adverse effect on the credit quality of the securities such that the Moody's ratings were impacted. Moody's did not express an opinion as to whether the issuance could have other, non credit-related effects.

METHODOLOGY

The principal methodology used in rating these transactions was "Moody's Approach To Rating Credit Card Receivables-Backed Securities", published in April 2007.

Further information on the nature of credit ratings and Moody's rating methodologies can be found on www.moodys.com

Matias Langer Vice President - Senior Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 J McGinnis Caldwell Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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