Fitch Ratings has assigned Rating Outlooks to the notes issued by various Sierra Timeshare Receivables transactions as follows:
Sierra Timeshare 2004-1 Receivables Funding, LLC
--Class A-1 notes 'AAA'; Outlook Stable;
--Class A-2 notes 'AAA'; Outlook Stable;
Sierra Timeshare 2005-1 Receivables Funding, LLC
--Class A-1 notes 'AAA'; Outlook Stable;
--Class A-2 notes 'AAA'; Outlook Stable;
Sierra Timeshare 2007-1 Receivables Funding, LLC
--Class A-1 notes 'BBB'; Outlook Stable;
--Class A-2 notes 'BBB'; Outlook Stable;
Sierra Timeshare 2008-1 Receivables Funding, LLC
--Class A-1 notes 'AAA'; Outlook Stable;
--Class A-2 notes 'AAA'; Outlook Stable;
--Class B notes 'AA'; Outlook Stable;
--Class C notes 'A'; Outlook Stable;
Sierra Timeshare 2009-1 Receivables Funding, LLC
--Class A notes 'AAA'; Outlook Stable;
Sierra Timeshare 2009-2 Receivables Funding, LLC
--Class A notes 'AAA'; Outlook Stable;
Sierra Timeshare 2009-3 Receivables Funding, LLC
--Class A notes 'A'; Outlook Stable.
As detailed in Fitch's Sept. 11, 2008, report 'Introducing Rating Outlooks for U.S. Structured Finance Bonds', Rating Outlooks are intended to be forward looking and indicate the likely direction of any rating change over a one- to two-year period. Rating Outlooks may be Positive, Negative, Stable, or, occasionally, Evolving. Rating Outlooks will be reviewed concurrently with the rating review for the transaction and published in conjunction with the long-term rating (short-term ratings are excluded from Rating Outlooks). Fitch's rating action commentary will include rationale for the Rating Outlook along with rationale for the long-term rating.
Fitch analyzed the qualitative and quantitative factors influencing each rated tranche to determine the appropriate Rating Outlook. Stable; Outlooks were assigned to all tranches as they are expected to perform within Fitch's tolerance range for the current ratings.
Fitch will continue to monitor macro-level economic conditions and its impact as it relates to timeshare asset-backed securities and the trust level performance variables and update the Rating Outlooks accordingly.
Additional information is available at 'www.fitchratings.com'.
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