NEW YORK (March 15,2011) — Fitch Ratings expects to rate Sierra Timeshare 2011-1 Receivables Funding LLC (Sierra 2011-1) as follows:
–$184,950,000 class A notes ‘Asf'; Outlook Stable;
–$49,750,000 class B notes ‘BBBsf'; Outlook Stable
–$15,300,000 class C notes ‘BB-sf'; Outlook Stable.
Fitch’s stress and rating sensitivity analysis are discussed in the presale report titled ‘Sierra Timeshare 2011-1 Receivables Funding LLC’, dated March 14, 2011, which is available on Fitch’s website at ‘www.fitchratings.com‘.
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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 25, 2010;
–‘Global Structured Finance Rating Criteria’ dated Aug. 16, 2010.
Applicable Criteria and Related Research: Sierra Timeshare 2011-1 Receivables Funding LLC (US ABS)
Criteria for Rating U.S. Timeshare Loan ABS
Global Structured Finance Rating Criteria
Peter Manofsky, +1-312-368-2068
70 W. Madison Street
Chicago, IL 60602
Margaret Myers, +1-312-368-3167
Hylton Heard, +1-212-908-0214
Sandro Scenga, +1-212-908-0278
SOURCE: Fitch Ratings