Fitch Ratings has affirmed and assigned Rating Outlooks to Orange Lake Timeshare Trust 2006-A (OLTT 2006-A) as follows:
--Class A notes at 'AA', Outlook Negative;
--Class B notes at 'A', Outlook Negative;
--Class C notes at 'BBB', Outlook Negative.
OLTT was initially subject to an 18 month replenishment period, during which additional collateral was purchased by the trust, subject to certain requirements. The transaction began to amortize in April 2008. Since close, gross default performance on the trust has been worse than Fitch's initial expectations. However, as the seller has actively exercised its option to substitute and repurchase defaulted loans, credit enhancement levels have remained stable.
The Negative Rating Outlook reflects Fitch's concern that continued stress on the economy could push default performance even further outside of expectations. If this occurs and the transaction's enhancements are depleted, negative rating actions are possible.
Fitch will continue to closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.
Additional information is available at www.fitchratings.com.
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.
Contacts:
Fitch Ratings, Chicago
Bradley Sohl, 312-368-3127
Du Trieu,
312-368-2091
or
Media Relations:
Sandro Scenga,
212-908-0278, New York
Email: sandro.scenga@fitchratings.com
