Fitch Affirms Sierra Timeshare 2010-2 Receivables Funding LLC

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the ratings for Sierra Timeshare 2010-2 Receivables Funding LLC (Sierra 2010-2) as follows:

--Class A notes at 'Asf'; Outlook Stable;

--Class B notes at 'BBBsf'; Outlook Stable.

The rating affirmations reflect credit enhancement growth and default performance to date in line with Fitch's initial expectations. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover the 'Asf' and 'BBBsf' stressed loss levels for the next 12 to 18 months.

Fitch will continue to monitor economic conditions and their impact as they relate to timeshare asset-backed securities and the trust level performance variables and update the ratings accordingly.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Timeshare Loan ABS' dated June 30, 2011;

--'Global Structured Finance Rating Criteria' dated Aug. 16, 2010.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Timeshare Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=638790

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

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