Fitch Rates First Nat'l Master Note Trust Ser 2009-2 Class C & D Variable Funding Notes

NEW YORK--(Business Wire)--
Fitch rates the First National Master Note Trust Series 2009-2 variable funding
notes as follows:

--$37,828,947 LIBOR class C (2009-2) 'BBB'; Outlook Stable;

--$21,184,211 LIBOR class D (2009-2) 'BB'; Outlook Stable

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
satisfactory quality given its favorable FICO distribution, account seasoning
and overall performance to date.

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 1.0% 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.

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, 212-908-9171
Cynthia Ullrich, 212-908-0609
Media Relations:
Sandro Scenga, 212-908-0278
sandro.scenga@fitchratings.com

Copyright Business Wire 2009