Fitch Ratings has affirmed the Sierra Timeshare 2010-1 Receivables Funding LLC (Sierra 2010-1) notes and revised the Rating Outlook as follows:

--Class A notes at 'Asf'; Outlook revised to Stable from Positive.

The rating affirmation reflects the ability of the transaction's credit enhancement to provide loss coverage consistent with the current rating. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover the 'Asf' stressed loss levels for the next 12 to 18 months.

It is important to note that default performance is above Fitch's initial expectations. However, due to the delevering structure of the transaction, enhancement is adequate to support the higher default pace.

Fitch will continue to monitor economic conditions and their impact as they relate to timeshare asset-backed securities and the trust level performance variables and update the ratings accordingly.

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.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Timeshare Loan ABS' dated June 30, 2011;

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

Applicable Criteria and Related Research:

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=638790

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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