CHICAGO, IL (Nov 03, 2011) — Fitch Ratings expects to rate Sierra Timeshare 2011-3 Receivables Funding LLC (Sierra 2011-3) as follows:
–$168,470,000 class A notes ‘Asf'; Outlook Stable;
–$55,710,000 class B notes ‘BBBsf'; Outlook Stable;
–$25,820,000 class C notes ‘BBsf'; Outlook Stable.
Fitch’s stress and rating sensitivity analysis are discussed in the presale report titled ‘Sierra Timeshare 2011-3 Receivables Funding LLC’, dated Nov. 2, 2011, which is available on Fitch’s website at ‘ www.fitchratings.com ‘.
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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: Sierra Timeshare 2011-3 Receivables Funding LLC (US ABS)
Global Structured Finance Rating Criteria
Criteria for Rating U.S. Timeshare Loan ABS
SOURCE: Fitch Ratings