Wyndham Worldwide Corp. is in the market with Sierra Timeshare 2011-1 Receivables Funding (Sierra Timeshare 2011-1), a $250 million transaction.  

The 2011-1 deal is the 15th securitization backed by timeshare loans offered by Wyndham, according to a Fitch Ratings presale report. Like the firm's prior transaction, this three-tranche deal will also incorporate a senior/subordinate structure. But, not like the previous offering, Fitch said that this deal includes class C notes. 

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