The preliminary 'AAA (sf)' rating assigned to Discover Card Execution Note Trust's class A(2022-1) 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.