Fitch Ratings assigns the following ratings to Cabela's Credit Card Master Note Trust's asset-backed notes, series 2016-I, as follows:

--$570,000,000 class A-1 fixed-rate 'AAAsf'; Outlook Stable;

--$280,000,000 class A-2 floating-rate 'AAAsf'; Outlook Stable;

--$80,000,000 class B fixed-rate 'Asf'; Outlook Stable;

--$42,500,000 class C fixed-rate 'BBBsf'; Outlook Stable;

--$27,500,000 class D fixed-rate 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Fitch's ratings are based on the underlying receivables pool, available credit enhancement (CE), 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 2015-II, with CE totalling 15% for class A, 7% for the class B, 2.75% plus an amount from a spread account for the class C, and CE of an amount from a spread account for the class D notes only.

RATING SENSITIVITIES

Fitch models three different scenarios when evaluating the rating sensitivity compared to expected performance for credit card asset-backed securities transactions: 1) increased defaults; 2) a reduction in monthly payment rate (MPR), and 3) a combination stress of higher defaults and lower MPR.

Increasing defaults alone has the least impact on rating migration even in the most severe scenario of a 75% increase in defaults. The rating sensitivity to a reduction in MPR is more pronounced with a moderate stress, of a 25% reduction, leading to possible downgrades across all classes. The harshest scenario assumes both stresses occur simultaneously. The severe stress could lead to more drastic downgrades to all classes.

To date, the transaction has exhibited strong performance with all performance metrics within Fitch's initial expectations. For further discussion of Fitch's sensitivity analysis, please see the presale report related to the transaction listed above.

The presale report is available at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub. 17 May 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879815

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Exposure Draft: Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 Apr 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878412

Global Credit Card ABS Rating Criteria (pub. 26 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867482

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1008182

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008182

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Fitch RatingsPrimary AnalystJohn AlbericiAssociate Director+1 212-908-0370Fitch Ratings, Inc.33 Whitehall StreetNew York, NY 10004orSecondary AnalystStephanie LobaccaroAnalyst+1 212-908-1769orCommittee ChairpersonHerman PoonSenior Director+1 212-908-0847orMedia Relations, New YorkSandro Scenga, +1 212-908-0278sandro.scenga@fitchratings.com