DBRS Assigns Provisional Ratings to Westgate Resorts 2018-1 LLC

DBRS, Inc. (DBRS) assigned provisional ratings to the following classes of notes issued by
Westgate Resorts 2018-1 LLC:

-- $76,450,000 Timeshare Collateralized Notes, Series 2018-1, Class A rated AAA (sf)
-- $66,600,000 Timeshare Collateralized Notes, Series 2018-1, Class B rated A (sf)
-- $54,800,000 Timeshare Collateralized Notes, Series 2018-1, Class C 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) 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 that address the true sale of the assets to the Issuer, the non-consolidation of each of the depositor and the Issuer with Westgate, that the Issuer has a valid first-priority security interest in the assets and the consistency with DBRS’s “Legal Criteria for U.S. Structured Finance.”

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

The principal methodology is Rating U.S. Timeshare Loan Securitizations, which can be found on www.dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. 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 the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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