Fitch Ratings assigns the following ratings to GE Capital Credit Card Master Note Trust's asset-backed notes, series 2012-4:

--$350,000,000 class A floating-rate 'AAAsf'; Outlook Stable;

--$50,491,803 class B floating-rate 'A+sf'; Outlook Stable;

--$33,278,689 class C floating-rate 'BBB+sf'; Outlook Stable.

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, GE Money Bank's underwriting, General Electrical Capital Corporation's servicing capabilities, and the transaction's legal and cash flow structures, which employ early redemption triggers.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 28, 2011);

--'Global Structured Finance Rating Criteria' (June 6, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672

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