Fitch Expects to Rate Cabela's Credit Card Master Note Trust, Series 2009-I Notes

NEW YORK--(Business Wire)--
Fitch Ratings expects to rate Cabela's Credit Card Master Note Trust, series
2009-I notes as follows:

--$425,000,000 class A floating-rate asset-backed notes (2009-I) 'AAA';

-- $40,000,000 class B fixed-rate asset-backed notes (2009-I) 'A+';

-- $21,250,000 class C fixed-rate asset-backed notes (2009-I) 'BBB+';

-- $13,750,000 class D fixed-rate asset-backed notes (2009-I) 'BB+'.

The class A notes of series 2009-I 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 receivables pool, available
credit enhancement, World's Foremost Bank's underwriting and servicing
capabilities, and the transaction's legal and cash flow structures, which employ
early redemption triggers.

The transaction structure is similar to series 2008-IV, with credit enhancement
totaling 15% for class A, credit enhancement of 7% for the class B, credit
enhancement of 2.75% plus an amount from a spread account for the class C, and
credit enhancement of an amount from a spread account for the class D notes
only.

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
Herman C. Poon, +1-212-908-0847
Cynthia Ullrich, +1-212-908-0609
Media Relations:
Cindy Stoller, +1-212-908-0526
cindy.stoller@fitchratings.com

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