Fitch Rates Discover Card Execution Note Trust, DiscoverSeries Class A (2009-1) Notes

NEW YORK--(Business Wire)--
Fitch rates Discover Card Execution Note Trust, DiscoverSeries Class A (2009-1)
Notes as follows:

--$1,500,000,000 1mL+1.30% class A (2009-1) 'AAA'; Outlook Stable.

The rating above reflects the credit quality of the receivables in the Discover
Card Execution Note Trust (DCENT), the available credit enhancement, the
servicing expertise of Discover Bank, and the transaction's legal and financial
structure.

On June 17, Discover Bank filed a form 8-K detailing its plan to add credit
enhancement to both Discover Card Master Trust and DCENT. A tranche of class D
notes, sized at 6.5% of total outstanding notes, was issued from DCENT on July
2, to provide credit enhancement to all outstanding notes and future new
issuances. As a result of this structure change, the class A credit enhancement
increases to 19.00% from 12.50% effective July 2, 2009.

For more information see the Discover Card Execution Note Trust, DiscoverSeries
Class A (2009-1) Notes presale report, available to all investors on Fitch's
corporate site, www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on
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Fitch Ratings, New York
Tracy Wan, +1-212-908-9171
Michael Dean, +1-212-908-0556
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

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