DBRS Publishes Updated Methodology for Rating U.S. Timeshare Loan Securitizations

DBRS, Inc. (DBRS) has today published an updated methodology entitled “Rating U.S. Timeshare Loan Securitizations” (the Methodology). The Methodology provides an analytical framework for reviewing securitizations in the United States backed by timeshare loans.

The Methodology provides a discussion of the following:
-- Quality of the sponsor/servicer involved in the transaction.
-- Evaluation of the collateral pool.
-- Utilization of historical employed credit evaluation techniques.
-- Capital structure, proposed ratings and credit enhancement.
-- Legal structure and opinions.

The Methodology’s updates include moving the description of the forms of credit enhancement, priority of cash flow payments and transaction performance thresholds and triggers to a stand-alone methodology entitled “Rating U.S. Structured Finance Transactions.”

The Methodology, effective as of the date of this press release, supersedes any previous methodologies. DBRS does not consider the changes in this update to be material, as they remain consistent with methods generally used by DBRS to assess timeshare loan transactions in the United States. Accordingly, this methodology release will not result in any rating changes or other rating actions.

Notes:
DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.

For more information on ratings for U.S. timeshare loan securitizations, visit www.dbrs.com or contact us at info@dbrs.com.