Fitch Rates 14 Series from Golden Credit Card Trust

Fitch Ratings assigns the following ratings to all outstanding series of Golden Credit Card Trust:

Golden Credit Card Trust, Series Enhancement Notes

--$151,000,000 CAD series enhancement notes 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust, Series 2010-1

--$900,000,000 CAD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$42,408,376 CAD class B asset-backed notes 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust, Series 2010-2

--$325,000,000 CAD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$15,314,136 CAD class B asset-backed notes 'BBB+sf'; Outlook Stable.

Golden Credit Card Trust, Series 2011-1

--$1,200,000,000 CAD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$56,544,503 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-1

--$500,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$23,513,089 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-2

--$450,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$21,161,780 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-3

--$650,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$30,934,555 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-4

--$500,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$23,795,812 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-5

--$700,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$32,334,503 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2012-6

--$500,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$23,096,073 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2013-1

--$500,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$24,003,141 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2013-2

--$600,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$29,111,937 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2014-1

--$450,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$23,886,518 CAD class B asset-backed notes 'Asf'; Outlook Stable.

Golden Credit Card Trust, Series 2014-2

--$500,000,000 USD class A asset-backed notes 'AAAsf'; Outlook Stable;

--$29,194,634 CAD class B asset-backed notes 'Asf'; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The underlying collateral characteristics play a vital role in the performance of a credit card ABS transaction. Fitch closely examines such collateral characteristics as credit quality, seasoning, geographic concentration, delinquencies and utilization rate on the cards.

Strong Collateral Performance Metric: As of October 2014, Golden Credit Card Trust's (GCCT) collateral performance metrics were in line with the Fitch indices. Chargeoffs and 60+ day delinquencies have remained relatively stable over the past 24 months and the monthly payment rate has remained consistent since the inception of the trust. Gross yield has been robust over the past two years.

Adequate Credit Enhancement: The class A notes of each existing series from 2011-1 onwards will benefit from 6.50% credit enhancement derived through the subordination of both the related class B notes as well as a new series of subordinate notes being issued by GCCT (the 'series enhancement notes').

The series enhancement notes are being assigned expected ratings concurrently with the existing series. Please see the Fitch's Presale report for detailed information.

The class B notes of each existing series will benefit from 2.09% credit enhancement derived through the subordination of the series enhancement notes.

Series 2010-1 and 2010-2 class A notes benefit from 4.50% credit enhancement derived from subordination of the class B notes. The class B notes credit enhancement is based solely on the reserve account for the class A and B notes as these notes are not supported by the series enhancement notes.

Quality Servicing Capabilities: Royal Bank of Canada (RBC) is an effective servicer, as evidenced by historical delinquency and loss performance of securitized receivables. Deterioration in the credit quality of RBC may affect the performance of the collateral pool backing the series enhancement notes.

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.

The harshest stress scenario of a combined 75% increase to defaults and a 35% reduction of MPR could lead to a two-notch downgrade for class A and B. The rest of the stress scenarios are unlikely to impact the ratings.

For a discussion of the representations, warranties, and enforcement mechanisms available to investors in this transaction please see the related presale appendix.

The presale report is available to all investors on Fitch's website 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'.

Additional information is available at 'www.fitchratings.com'.

Applicable and Related Research:

--'Global Credit Card ABS Rating Criteria' (May 2014);

--'Global Structured Finance Rating Criteria' (August 2014);

--'Golden Credit Card Trust, Series Enhancement Notes' (November 2014).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748920

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Golden Credit Card Trust, Series Enhancement Notes

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=796208

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=931176

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