DBRS Finalizes Provisional Ratings on Westgate Resorts 2015-2 LLC

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes of notes issued by Westgate Resorts 2015-2 LLC:

-- Timeshare Collateralized Notes, Series 2015-2, Class A rated A (sf)
-- Timeshare Collateralized Notes, Series 2015-2, Class B rated BBB (sf)

The ratings are based on a review by DBRS of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the final scheduled payment date.
-- Westgate Resorts, Ltd.’s (Westgate) 32+ year operating history and its capabilities with regard to developing and managing timeshare resorts as well as the origination, underwriting and servicing of Timeshare Loans.
-- The credit quality of the collateral and the consistent performance of Westgate’s timeshare loans portfolio.
-- The legal structure and presence of legal opinions address the true sale of the assets to the Issuer, the non-consolidation of each of the depositor and the Issuer with Westgate, and ensure that the Issuer has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating U.S. Timeshare Loan Securitizations, which can be found on our website under Methodologies.

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.