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‘.
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 ‘email@example.com‘.
Additional information is available at ‘www.fitchratings.com’.
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