New York, November 07, 2014 -- Moody's Investors Service announced today that the removal from Synchrony Credit Card Master Note Trust (formerly known as GE Capital Credit Card Master Note Trust) of approximately 700,000 accounts originated under a private label program with retailer Dillard's Inc., on 7 November 2014, in and of itself and at this time, would not result in a downgrade or withdrawal of any of our ratings on any class of outstanding notes issued by the trust. The trust is sponsored by Synchrony Bank (formerly known as GE Capital Retail Bank) (not publicly rated). Synchrony Bank is 85% indirectly owned by General Electric Capital Corporation (GECC) through GECC's ownership of Synchrony Financial, the direct parent of Syncrony Bank. GECC intends to spin off its remaining ownership in the sponsor in late 2015.

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