Shearwater Resort timeshare owners vote against extra levy to save the business from financial turmoil

Hundreds of timeshare owners in Shearwater Resort, in north-west Tasmania, have voted against paying a $950 levy to solve the resort’s cash flow problems.

The resort has been a popular social hub in the seaside town since the 1960s and is owned by 2,100 timeshare holders, many of whom are locals.

Late last year, the new general manager discovered it was in financial trouble.

Timeshare holders were asked to pay the $950 on top of their annual fees.

Hundreds attended a meeting in Launceston yesterday, and voted against the proposal.

The board’s new chairman, David Grey, said support for the levy was around 35 per cent.

“The board have heard the concern of members who asked, legitimately, how did this happen?” he said.

“They also expressed a strong sentiment that they want timeshare to stay in the hands of the members.

“It continues to be a top priority that we engage with our members and we will keep them informed.”

Four of seven directors resigned last week at the request of shareholders.

Mr Grey said the board would now regroup and work out the next step.

“But I do want to thank everyone who turned up, it was a big effort for people to get there and they were patient,” he said.

“We had more people turn up then had registered to come to the meeting so the venue was full, or over-full.

“This is just the first step to restore confidence and trust.”

Timeshare owner Shayne Allison believed many at the meeting still had questions for the board.

“Due to the amount of people, the election had to be called early, and the Q A session that was planned was sort of cancelled,” he said.

“So a lot of people have left without having any answers to really where it goes.

“[The] general mood was pretty disgusted with the organisation, and also when you’ve got a board that’s been elected by the old board that’s created all of the problems.”

A management company from Queensland will take over the resort next month.


ABC

Article source: https://au.news.yahoo.com/world/a/26855152/shearwater-resort-timeshare-owners-vote-against-extra-levy-to-save-the-business-from-financial-turmoil/

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Fitch Rates Sierra Timeshare 2015-1 Receivables Funding LLC

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Sierra Timeshare 2015-1 Receivables Funding LLC:

–$276,100,000 class A asset-backed notes ‘Asf'; Outlook Stable;

–$73,900,000 class B asset-backed notes ‘BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Stable Collateral Quality: Approximately 64% of Sierra 2015-1 consists of Wyndham Vacation Resorts, Inc. (WVRI) originated loans; the remaining are Wyndham Resort Development Corporation (WRDC) loans. Fitch has determined that, on a like-for-like FICO basis, WRDC’s receivables perform better than WVRI’s. The weighted average (WA) current FICO score of the pool is 721. However, seasoning has declined relative to 2014-3.

Continued Recent Stabilization in WVRI Performance: Similar to other timeshare originators, Wyndham Worldwide’s delinquency and default performance exhibited notable increases in the 2007-2008 vintages. However, WRDC’s performance has improved since 2009, while WVRI continues to experience high defaults. Nonetheless, the 2013 vintage within the WVRI portfolio demonstrates relative stabilization in default performance. Fitch’s cumulative gross default (CGD) proxy for this pool is 19.00%.

Lower CE Structure: Initial hard credit enhancement (CE) is expected to be 31.50% and 12.50% for class A and B notes, respectively, lower than series 2014-3. Soft CE is also provided by excess spread and is expected to be 9.88% per annum. While down, the structure is able to support multiples in excess of 2.50x and 1.75x for ‘Asf’ and ‘BBBsf’ ratings, respectively.

Quality of Origination/Servicing: Wyndham Worldwide has demonstrated sufficient abilities as an originator and servicer of timeshare loans. This is evidenced by the historical delinquency and loss performance of securitized trusts and of the managed portfolio.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Wyndham Worldwide and Wyndham Consumer Finance, Inc. (WCF) would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce CGD levels higher than the base case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Thus, Fitch conducts sensitivity analysis stressing both a transaction’s initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of the base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust’s performance.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated March 12, 2015. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix’. These RWs are compared to those of typical RW for the asset class as detailed in the special report ‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

The presale report is available to all investors on Fitch’s website at ‘www.fitchratings.com‘. For more information about Fitch’s comprehensive subscription service Fitch Research, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at ‘webmaster@fitchratings.com’.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Sierra Timeshare 2015-1 Receivable Funding LLC’ dated March 12, 2015;

–‘Sierra Timeshare 2015-1 Receivable Funding LLC–Appendix’ dated March 12, 2015;

–‘Criteria for Rating U.S. Timeshare Loan ABS’ dated June 9, 2014;

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2014;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated Oct. 31, 2014.

Applicable Criteria and Related Research:

Sierra Timeshare 2015-1 Receivables Funding LLC (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863514

Sierra Timeshare 2015-1 Receivables Funding LLC – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863593

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749780

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981880

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Article source: http://finance.yahoo.com/news/fitch-rates-sierra-timeshare-2015-162200116.html

Grand Solmar Timeshare Highlights Spring Break in Cabo

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Grand Solmar

Grand Solmar

Cabo San Lucas, Mexico (PRWEB) March 25, 2015

Grand Solmar Timeshare knows many travelers out there are looking for the perfect place to spend their upcoming spring break vacation, and the country of Mexico just so happens to be one of the most popular tourist destinations for this occasion. Cabo San Lucas is home to opportunities for adventurous activities, a great nightlife scene or the chance to just relax back at the luxury resort grounds Grand Solmar Timeshare has to offer.

When visiting Cabo San Lucas, Grand Solmar Timeshare knows travelers will want to try something they may never have before. Snorkeling and scuba diving are great ways to explore under the sea, and there are also a variety of exciting tours to explore above land as well. Many travelers recommend zooming down the beach and exploring the terrain of Mexico’s wild lands and beaches on the back of an ATV. Spring breakers will definitely want to check it out this extreme and exciting way to sightsee.

All those hoping to check out the exciting nightlife scene will want to head to Cabo Wabo, one of the most popular bars in the area. Grand Solmar Timeshare knows that all throughout the months of March and April, it will be dedicated to having a good time. Drink specials, dancing and mixing and mingling with the locals will be a great way to kick off the trip. Grand Solmar Timeshare knows those visiting for the Spring Break season will be in for a time of fun and new memories. With the many other tourists also visiting, these events or celebrations are a great way to meet more people while getting to experience the culture and lifestyle of another country.

Grand Solmar Timeshare also gives travelers the chance to experience a variety of amenities and activities on the property as well, so be sure to go sit by the luxury pools and order a cocktail to unwind, or get a relaxing massage at the Land’s End Spa after a long night out. Every traveler deserves a perfect vacation with great experiences and being able to stay at luxury accommodations. Grand Solmar Timeshare will always strive to provide this. For more information or for other Cabo San Lucas vacation ideas, please visit Grand Solmar Timeshare online at http://grandsolmarresort.com/

###

Grand Solmar Contact Information:

Av. Solmar No. 1A Col. Centro

Cabo San Lucas, BCS, México

C.P. 23450

Phone: 1-310-459-7276

Email: info(at)solmar(dot)com(dot)mx

Press release distributed by JW Maxx Solutions, a leader in online reputation management.

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Article source: http://www.prweb.com/releases/GrandSolmar/Timeshare/prweb12601054.htm

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