Morningstar DBRS Takes Credit Rating Actions on Four BXG Receivables Note Trust Transactions

DBRS, Inc. (Morningstar DBRS) confirmed its credit ratings on all 12 classes of securities notes in four BXG Receivables Note Trust Transactions as detailed in the summary chart below.

The credit rating actions are based on the following analytical considerations:

-- The transaction's capital structure, and form and sufficiency of available credit enhancement.

-- The transaction's performance to date, with minimal cumulative net losses.

-- The transaction parties' capabilities with regard to origination, underwriting, and servicing. While Bluegreen Vacations Corporation (Bluegreen) was acquired by Hilton Grand Vacations in November of 2023, Bluegreen continues to operate as the servicer. As such, Morningstar DBRS does not expect any issues from an operational perspective.

-- In addition, the transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios for Rated Sovereigns December 2024 Update, published on December 19, 2024. These baseline macroeconomic scenarios replace Morningstar DBRS's moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024) https://dbrs.morningstar.com/research/437781.

Notes:
The principal methodology applicable to the credit ratings is Morningstar DBRS Master U.S. ABS Surveillance (January 10, 2025) https://dbrs.morningstar.com/research/445740.

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit ratings were initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for these credit rating actions.

Morningstar DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with these rating actions.

These are solicited credit ratings.

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

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The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Operational Risk Assessment for U.S. ABS Originators and Servicers (December 05, 2024),
https://dbrs.morningstar.com/research/444162

-- Legal Criteria for U.S. Structured Finance (December 03, 2024),
https://dbrs.morningstar.com/research/444064

-- Rating U.S. Structured Finance Transactions (November 18, 2024),
https://dbrs.morningstar.com/research/443136

-- Rating U.S. Timeshare Loan Securitizations (August 06, 2024),
https://dbrs.morningstar.com/research/437573

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