Fitch Affirms Orange Lake 2014-A

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed both classes of notes issued by Orange Lake Timeshare Trust 2014-A. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The rating affirmations reflect the ability of the transaction's credit enhancement (CE) to provide loss coverage consistent with the current ratings. The Stable Outlook for both classes of notes reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings for the next 12-18 months.

Fitch will continue to monitor economic conditions and their impact as they relate to timeshare asset-backed securities and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited performance within Fitch's initial expectations with rising loss coverage. Due to the growth in credit enhancement levels and increased loss coverage afforded to the notes, a substantial increase in defaults would have to occur to have a negative impact on the updated ratings.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated July 30, 2014. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Orange Lake Timeshare Trust 2014-A - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.

Fitch has affirmed the following ratings for Orange Lake Timeshare Trust 2014-A:

--Class A at 'Asf'; Outlook Stable;

--Class B at 'BBBsf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Rating U.S. Timeshare Loan ABS (pub. 03 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866653

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

Orange Lake Timeshare Trust 2014-A -- Appendix

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

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=987945

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987945

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150715006065/en/

Fitch Ratings
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Andrew Tinari
Analyst
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Fitch Ratings, Inc.
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Chicago, IL 60602
or
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Aoto Kenmochi
Senior Director
+1-212-908-0867
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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