WF Card Issuance Trust WFCardSeries Class A(2025-1) Assigned Rating

WF Card Issuance Trust's issuance is an ABS securitization backed by a pool of revolving consumer credit card receivables generated by designated accounts that are owned by Wells Fargo Bank N.A. We assigned our rating to the class A(2025-1) notes. The rating reflects our view of the transaction's credit support, payment structure, cash flow mechanics, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) June 10, 2025--S&P Global Ratings today assigned its rating to WF Card Issuance Trust's WFCardSeries class A(2025-1) notes (see list). The note issuance is an ABS securitization backed by a pool of revolving consumer credit card receivables generated by designated accounts that are owned by Wells Fargo Bank N.A. The rating reflects: Our view that

...- WF Card Issuance Trust's issuance is an ABS securitization backed by a pool of revolving consumer credit card receivables generated by designated accounts that are owned by Wells Fargo Bank N.A. - We assigned our rating to the class A(2025-1) notes. - The rating reflects our view of the transaction's credit support, payment structure, cash flow mechanics, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) June 10, 2025--S&P Global Ratings today assigned its rating to WF Card Issuance Trust's WFCardSeries class A(2025-1) notes (see list). The note issuance is an ABS securitization backed by a pool of revolving consumer credit card receivables generated by designated accounts that are owned by Wells Fargo Bank N.A. The rating reflects: - Our view that the 20.00% credit support for the class A notes, which is provided by the subordinated class B, C, and D notes, are sufficient to withstand the simultaneous stresses we apply to the loss rate, payment rate, yield, purchase...

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