Fitch Rates Discover Card Execution Note Trust, Class A

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NEW YORK--(BUSINESS WIRE)-- Fitch rates Discover Card Execution Note Trust, class A (2011-4) as follows:

-- $400,000,000 class A (2011-4) 'AAAsf'; Outlook Stable.

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 '[email protected]'.

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 Credit Card ABS Rating Criteria' (June 28, 2011);

-- 'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639672

Global Structured Finance Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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Fitch Inc.Primary AnalystLauren Tierney, +1-212-908-9168Associate DirectorOne State Street PlazaNew York, NY 10004orSecondary AnalystBrian Perry, +1-212-908-9142AnalystorCommittee ChairCynthia Ullrich, +1-212-908-0609Senior DirectororMedia RelationsSandro Scenga, +1-212-908-0278 (New York)[email protected]

Source: Fitch Ratings

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