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Presale: Discover Card Execution Note Trust Class A(2021-1)

The preliminary 'AAA (sf)' rating assigned to Discover Card Execution Note Trust's class A(2021-1) fixed-rate DiscoverSeries notes reflects: Our view of the 21.00% credit support provided by the subordinated class B, C, and D notes, which we believe is sufficient to withstand the simultaneous stresses we apply to our 5.00% base-case loss rate, 18.00% base-case payment rate, 16.00% base-case yield, and 2.00% purchase-rate assumptions for the notes. In addition, we used stressed excess spread and note interest rate assumptions to assess whether, in our opinion, sufficient credit support is available for the notes. All of the stress assumptions outlined above are based on our current criteria and assumptions (see "U.S. Credit Card Securitizations: Methodology And Assumptions," published Aug. 24, 2017).

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