Fitch Rates Discover Card Execution Note Trust, Class B (2012-3); Outlook Stable

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<0> Fitch Rates Discover Card Execution Note Trust, Class B (2012-3); Outlook Stable </0>

<0> Fitch Inc.Primary AnalystLauren Tierney, +1-212-908-9168Associate DirectorOne State Street PlazaNew York, NY 10004orCommittee ChairpersonCynthia Ullrich, +1-212-908-0609Senior DirectororMedia RelationsSandro Scenga, +1-212-908-0278 </0>

Fitch rates Discover Card Execution Note Trust, Class B (2012-3):

--$250,000,000 class B (2012-3) 'AA-sf'; Outlook Stable.

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Additional information is available at ''. 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 22, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

Global Structured Finance Rating Criteria

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