Wyndham Worldwide Corp. is in the market with Sierra Timeshare 2011-2 Receivables Funding (Sierra Timeshare 2011-2) offering worth $250 million.
Fitch Ratings assigned 'Asf' to the Class A portion, 'BBBsf' to the Class B, and 'BBsf' to the Class C.
The notes are backed by a pool of fixed-rate timeshare loans originated by Wyndham Vacation Resorts and Wyndham Resort Development Corp., which are indirect and wholly owned
operating units of Wyndham Worldwide, according to Fitch. This is the sixteenth securitization of Wyndham.
Fitch also said that this deal is consistent with all Sierra transactions issued since 2009 since
the newest deal will exclude collateral with FICO scores less than 600.
By contrast, Sierra deals before 2009 had this lower-FICO segment making up "a disproportionately large percentage of defaults," the rating agency reported.
Wyndham's last Sierra deal was in March. For ASR's story on the deal, please click here.