Fitch Revises Sierra Timeshare 2010-1 Receivables Funding LLC's Outlook to Stable; Affirms Ratings
March 15 2012 - 11:18AM
Business Wire
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
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY
FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION,
RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM
THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY,
CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER
RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE
OF CONDUCT' SECTION OF THIS SITE.