Fitch: Seasonal Trends Drive U.S. Timeshare ABS Delinquencies Higher

FOR IMMEDIATE RELEASE
Las Vegas, Nevada, United States of America (Free-Press-Release.com) March 15, 2011 -- 'Seasonal performance deterioration, not surprisingly, has persisted through the winter months,' said Senior Director Brad Sohl. 'However, year-over year drops in timeshare delinquencies are bringing levels closer to historical averages.' Given the expected stable collateral performance and ample credit enhancement levels, Fitch's Rating Outlook for timeshare ABS remains stable.
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Total delinquencies for fourth-quarter (4Q'10) were 3.77%, up from 3.68% at the end of 3Q'10. Meanwhile, delinquencies decreased by 23% from 4.89% in 4Q'09.

Monthly defaults increased to .77% in December 2010, up from .63% at the end of 3Q'10. On an annualized basis (rolling 12 months), defaults were 8.51% for the index in December, down from the 8.75% observed in 3Q'10. The annual default rate has dropped steadily after hitting its all-time peak of 9.57% in January of last year.

Fitch's timeshare ABS index is an aggregation of performance statistics on pools of securitized timeshare loans originated by various developers. Expected cumulative gross defaults on underlying transactions can range from 10% to above 20%. While delinquencies and defaults may vary on an absolute basis, most transactions supporting the index exhibit similar overall trends.

The Fitch timeshare performance index summarizes average monthly delinquency (over 30 days) and gross default trends tracked in Fitch's database of timeshare asset backed securities (ABS) dating back to January 1997 and is available on a quarterly basis.

Fitch's quarterly index can be found at 'www.fitchratings.com' under the following headers:

Sectors then Structured Finance then ABS then ABS Indices then Timeshare

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
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