The affirmation and Stable Outlook reflect the current rating of the underlying collateral, consisting of 2007-1 class A, B, and C notes issued by Capital One Multi-Asset Execution Trust. Currently the class A notes are rated 'AAAsf' with a Stable Outlook. The class B and C notes have been affirmed at 'Asf' and 'BBBsf', respectively, with a Stable Outlook. Payments under the credit facilities are reliant on the cash flow from the underlying assets.

Fitch affirms the following ratings with a Stable Outlook:

Currus VI-IX Limited

--$250,000,000 senior facility at 'BBBsf';

--$3,125,000 subordinated B1 facility at 'BBBsf';

--$3,125,000 subordinated B2 facility at 'BBBsf'.

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 Structured Finance Rating Criteria', June 6, 2012;

--'Fitch Affirms Ratings on Capital One Multi-asset Execution Trust', July 24, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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