Marriot Vacation Worldwide is making its annual trip to the securitization market with timeshare loans that have better credit characteristics than those of its 2016 deal. But the sponsor still had to pay up to get a higher credit rating.

The collateral for the $350 million MVW Owner Trust 2017-1 features a higher average FICO score of 741, up four points from 2016 and the highest to date in a Marriott securitization. Another improvement, according to Fitch Ratings, is the fact that just under 8% of borrowers live outside the U.S. or Canada, down from nearly 17% in the 2016 transaction and between 12% and 25% in the prior six deals.

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