DBRS Takes Rating Actions on Westgate Resorts

DBRS, Inc. (DBRS) upgraded seven ratings and confirmed four ratings within five U.S. structured finance asset-backed securities transactions. The upgrades are based on performance trends and the fact that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels. The confirmations are based on performance trends and the fact that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The transactions reviewed are as follows:
Westgate Resorts 2014-1 LLC
Westgate Resorts 2015-1 LLC
Westgate Resorts 2015-2 LLC
Westgate Resorts 2016-1 LLC
Westgate Resorts 2017-1 LLC

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

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website 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 in connection with this rating action.

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

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