Fitch Rates Orange Lake Timeshare Trust 2014-A

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Orange Lake Timeshare Trust 2014-A:

–$123,638,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$25,119,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Strong Borrower Credit Quality: The WA FICO score of OLTT 2014-A is 732, down from 735 in 2012-A, but up from 652 in 2006-A. However, the 2014-A pool contains 8.5% loans with a FICO score less than 650, which were excluded from 2012-A.The 2014-A pool also has 19 months of seasoning and an upgrade concentration of 53%, the highest to date.

Improved Performance: OLCC delinquency and default performance exhibited material increases during the most recent recession. However, notable improvement can be seen in the 2010-2012 vintages. In deriving its cumulative gross default (CGD) proxy of 15.75%, Fitch focused on extrapolations of the 2005-2011 vintages.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 26.70% and 11.30% for the class A and B notes, respectively. CE is composed of overcollateralization (OC), a reserve account, subordination, and excess spread.

Quality of Origination/Servicing: OLCC has demonstrated sufficient abilities as an originator and servicer of timeshare loans. While the resort footprint has grown in recent years, OLCC’s managed portfolio, as well as 2014-A, remains heavily concentrated in their primary Orlando, FL resort.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of OLCC and WRF would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement 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.

Fitch’s analysis found that the notes display some sensitivity to increased defaults and prepayments. Under Fitch’s moderate (1.5x base case default and prepayment) stresses, the class A notes could experience a downgrade of one to two notches, while the rating on the class B notes would not be expected to be impacted. Under Fitch’s severe (2.0x base case default and prepayment) stresses, the class A notes could experience a downgrade of one rating category, while the class B notes could experience a downgrade of up to two rating categories.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 30, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Orange Lake Timeshare Trust 2014-A – 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 April 17, 2012.

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 FitchResearch, 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:

–’Orange Lake Timeshare Trust 2014-A’ dated July 30, 2014;

–’Orange Lake Timeshare Trust 2014-A –Appendix’ dated July 30, 2014;

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

–’Global Structured Finance Rating Criteria’ dated May 20, 2014;

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

Applicable Criteria and Related Research:

Orange Lake Timeshare Trust 2014-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753508

Orange Lake Timeshare Trust 2014-A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753910

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=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=850474

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-orange-lake-timeshare-175500932.html

Charleston man pleads guilty to timeshare scheme






CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Orange Lake Timeshare Trust 2014-A:

–$123,638,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$25,119,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Strong Borrower Credit Quality: The WA FICO score of OLTT 2014-A is 732, down from 735 in 2012-A, but up from 652 in 2006-A. However, the 2014-A pool contains 8.5% loans with a FICO score less than 650, which were excluded from 2012-A.The 2014-A pool also has 19 months of seasoning and an upgrade concentration of 53%, the highest to date.

Improved Performance: OLCC delinquency and default performance exhibited material increases during the most recent recession. However, notable improvement can be seen in the 2010-2012 vintages. In deriving its cumulative gross default (CGD) proxy of 15.75%, Fitch focused on extrapolations of the 2005-2011 vintages.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 26.70% and 11.30% for the class A and B notes, respectively. CE is composed of overcollateralization (OC), a reserve account, subordination, and excess spread.

Quality of Origination/Servicing: OLCC has demonstrated sufficient abilities as an originator and servicer of timeshare loans. While the resort footprint has grown in recent years, OLCC’s managed portfolio, as well as 2014-A, remains heavily concentrated in their primary Orlando, FL resort.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of OLCC and WRF would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement 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.

Fitch’s analysis found that the notes display some sensitivity to increased defaults and prepayments. Under Fitch’s moderate (1.5x base case default and prepayment) stresses, the class A notes could experience a downgrade of one to two notches, while the rating on the class B notes would not be expected to be impacted. Under Fitch’s severe (2.0x base case default and prepayment) stresses, the class A notes could experience a downgrade of one rating category, while the class B notes could experience a downgrade of up to two rating categories.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 30, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Orange Lake Timeshare Trust 2014-A – 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 April 17, 2012.

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 FitchResearch, 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:

–’Orange Lake Timeshare Trust 2014-A’ dated July 30, 2014;

–’Orange Lake Timeshare Trust 2014-A –Appendix’ dated July 30, 2014;

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

–’Global Structured Finance Rating Criteria’ dated May 20, 2014;

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

Applicable Criteria and Related Research:

Orange Lake Timeshare Trust 2014-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753508

Orange Lake Timeshare Trust 2014-A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753910

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=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=850474

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-orange-lake-timeshare-175500932.html

Fitch Rates Orange Lake Timeshare Trust 2014-A

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Orange Lake Timeshare Trust 2014-A:

–$123,638,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$25,119,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Strong Borrower Credit Quality: The WA FICO score of OLTT 2014-A is 732, down from 735 in 2012-A, but up from 652 in 2006-A. However, the 2014-A pool contains 8.5% loans with a FICO score less than 650, which were excluded from 2012-A.The 2014-A pool also has 19 months of seasoning and an upgrade concentration of 53%, the highest to date.

Improved Performance: OLCC delinquency and default performance exhibited material increases during the most recent recession. However, notable improvement can be seen in the 2010-2012 vintages. In deriving its cumulative gross default (CGD) proxy of 15.75%, Fitch focused on extrapolations of the 2005-2011 vintages.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 26.70% and 11.30% for the class A and B notes, respectively. CE is composed of overcollateralization (OC), a reserve account, subordination, and excess spread.

Quality of Origination/Servicing: OLCC has demonstrated sufficient abilities as an originator and servicer of timeshare loans. While the resort footprint has grown in recent years, OLCC’s managed portfolio, as well as 2014-A, remains heavily concentrated in their primary Orlando, FL resort.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of OLCC and WRF would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement 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.

Fitch’s analysis found that the notes display some sensitivity to increased defaults and prepayments. Under Fitch’s moderate (1.5x base case default and prepayment) stresses, the class A notes could experience a downgrade of one to two notches, while the rating on the class B notes would not be expected to be impacted. Under Fitch’s severe (2.0x base case default and prepayment) stresses, the class A notes could experience a downgrade of one rating category, while the class B notes could experience a downgrade of up to two rating categories.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 30, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Orange Lake Timeshare Trust 2014-A – 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 April 17, 2012.

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 FitchResearch, 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:

–’Orange Lake Timeshare Trust 2014-A’ dated July 30, 2014;

–’Orange Lake Timeshare Trust 2014-A –Appendix’ dated July 30, 2014;

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

–’Global Structured Finance Rating Criteria’ dated May 20, 2014;

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

Applicable Criteria and Related Research:

Orange Lake Timeshare Trust 2014-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753508

Orange Lake Timeshare Trust 2014-A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753910

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=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=850474

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-orange-lake-timeshare-175500932.html

Fitch Rates Orange Lake Timeshare Trust 2014-A

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings assigns the following ratings to Orange Lake Timeshare Trust 2014-A:

–$123,638,000 class A asset-backed notes ‘Asf’; Outlook Stable;

–$25,119,000 class B asset-backed notes ‘BBBsf’; Outlook Stable.

KEY RATING DRIVERS

Strong Borrower Credit Quality: The WA FICO score of OLTT 2014-A is 732, down from 735 in 2012-A, but up from 652 in 2006-A. However, the 2014-A pool contains 8.5% loans with a FICO score less than 650, which were excluded from 2012-A.The 2014-A pool also has 19 months of seasoning and an upgrade concentration of 53%, the highest to date.

Improved Performance: OLCC delinquency and default performance exhibited material increases during the most recent recession. However, notable improvement can be seen in the 2010-2012 vintages. In deriving its cumulative gross default (CGD) proxy of 15.75%, Fitch focused on extrapolations of the 2005-2011 vintages.

Sufficient CE Structure: Initial hard credit enhancement (CE) is expected to be 26.70% and 11.30% for the class A and B notes, respectively. CE is composed of overcollateralization (OC), a reserve account, subordination, and excess spread.

Quality of Origination/Servicing: OLCC has demonstrated sufficient abilities as an originator and servicer of timeshare loans. While the resort footprint has grown in recent years, OLCC’s managed portfolio, as well as 2014-A, remains heavily concentrated in their primary Orlando, FL resort.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of OLCC and WRF would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement 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.

Fitch’s analysis found that the notes display some sensitivity to increased defaults and prepayments. Under Fitch’s moderate (1.5x base case default and prepayment) stresses, the class A notes could experience a downgrade of one to two notches, while the rating on the class B notes would not be expected to be impacted. Under Fitch’s severe (2.0x base case default and prepayment) stresses, the class A notes could experience a downgrade of one rating category, while the class B notes could experience a downgrade of up to two rating categories.

Key Rating Drivers and Rating Sensitivities are further described in the presale report dated July 30, 2014. Fitch’s analysis of the Representations and Warranties (RW) of this transaction can be found in ‘Orange Lake Timeshare Trust 2014-A – 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 April 17, 2012.

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 FitchResearch, 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:

–’Orange Lake Timeshare Trust 2014-A’ dated July 30, 2014;

–’Orange Lake Timeshare Trust 2014-A –Appendix’ dated July 30, 2014;

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

–’Global Structured Finance Rating Criteria’ dated May 20, 2014;

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ dated April 17, 2012.

Applicable Criteria and Related Research:

Orange Lake Timeshare Trust 2014-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753508

Orange Lake Timeshare Trust 2014-A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753910

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=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=850474

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-orange-lake-timeshare-175500932.html

El Cid Timeshare Announces Cancun as Top Honeymoon Destination

CANCUN, Mexico, Aug. 21, 2014 /PRNewswire-iReach/ — El Cid Timeshare knows that Cancun is a truly unique destination that people travel to from all over the world for a variety of different reasons. This city is ideal for families who are looking to take their annual summer vacation or for couples who want to experience a romantic getaway. Cancun is the home to beautiful beaches, terrific resorts, and a plethora of exciting attractions to experience.

Photo – http://photos.prnewswire.com/prnh/20140820/137752

USA Today Travel has announced that not only is Cancun a terrific place to visit all year long, but it is also an ideal destination for both honeymoons and weddings. This city boasts many romantic services, attractions, and amenities that are perfect for any special occasion. An increasingly popular trend that has taken place over the past several years is the idea of a destination wedding: Many couples yearn for a small and intimate wedding in stunning locations. Cancun fits the description with breathtaking vistas making for the perfect backdrop for any nuptial ceremony.

Having a wedding at a gorgeous beach location, such as Cancun, boasts a wide range of benefits, reveals El Cid Timeshare. While many couples believe that a destination wedding to Cancun is a hassle for guests who have to make the trip there, it can serve as a vacation for them as well. The betrothed couple will also be at an advantage, as they do not have to wait several days to enjoy a honeymoon. After a romantic wedding ceremony on the beach, the married couple can immediately enjoy their honeymoon with a plethora of romantic activities including horseback riding on the beach, sunset cruises and more that are readily available.

While on a honeymoon, couples can take the time to go shopping and purchase some unique handmade crafts or explore the city and everything that it has to offer. For a truly romantic excursion, newlyweds should board the Columbus Lobster Dinner Cruise and sail through the waters of the Nichupte Lagoon as they enjoy a magical night with each other. Above all, there are few experiences that are better to share with a loved one than to swim with the dolphins.

El Cid Timeshare states that Cancun offers an unbeatable blend of relaxation and adventure for couples on their honeymoon. From the vibrant nightlife to the terrific water activities in the ocean, newlywed couples will surely find plenty to do to ensure an unforgettable honeymoon experience.

Complimentary El Cid Vacations Club Member Mobile App – Download Now

El Cid Vacations Club is a global leader in the vacation ownership and resort industry, delivering a wide variety of memorable vacation experiences for members. ECVC continually strives to enhance its member services and guest experiences. Members are now invited to take advantage of downloading the complimentary El Cid Vacations Club Member mobile app available on both the App Store and Google Play. This application allows members to stay up to date on the most recent news, make reservations, and always stay in contact with ECVC. This is the perfect opportunity for ECVC members to plan their next dream vacation at one of the many stunning El Cid properties. For more information, visit http://www.elcidvacationsclub.com 

Media Contact: El Cid Timeshare, El Cid Timeshare, 1 866 552 7320, ownersrelations@elcid.com.mx

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

Article source: http://ca.finance.yahoo.com/news/el-cid-timeshare-announces-cancun-050000046.html

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