New York, September 30, 2015 -- Moody's announced today that (1) the defeasance of the Series 2011-1, Class A Notes issued by Nordstrom Credit Card Master Note Trust II, (2) the subsequent removal of all receivables from the trust, and (3) the amendments to terminate the Participation Agreement, the Receivables Purchase Agreement, the Transfer and Servicing Agreement and the Administration Agreement (collectively, the Defeasance) would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the ratings assigned to any class of outstanding notes issued by the trust.

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