DBRS Confirms Ratings of Gold Key Resorts 2014-A, LLC

DBRS, Inc. (DBRS) has today conducted a review of the outstanding public ratings of the Gold Key Resorts 2014-A, LLC structured finance asset-backed securities transaction. The Series 2014-A, Class A, Class B and Class C ratings were confirmed at their current rating levels of A (sf), BBB (sf) and BB (high) (sf), respectively. Performance trends of the securities are such that credit-enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to servicing.
-- The credit quality of the collateral pool and projected performance.

Notes:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see the attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.