Fitch Upgrades One and Affirms One Class of MVW Owner Trust 2013-1 Notes

CHICAGO--()--Fitch Ratings takes various rating actions on MVW Owner Trust 2013-1. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The upgrade of the class A notes to 'AAsf' from 'Asf' reflects strong performance, credit enhancement growth since closing, and available loss coverage. The affirmation of the class B notes reflects loss coverage levels consistent with the current rating. The Outlook revision reflects the potential for a positive rating action in the next one to two years.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited performance within Fitch's initial expectations with rising loss coverage. Due to the growth in credit enhancement levels and increased loss coverage afforded to the notes, a substantial increase in defaults would have to occur to have a negative impact on the updated ratings.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated July 29, 2013. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'MVW Owner Trust 2013-1 - Appendix. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.

Fitch has taken the following actions:

MVW Owner Trust 2013-1

--Class A upgraded to 'AAsf' from 'Asf'; Outlook revised to Stable from Positive;

--Class B affirmed at 'BBBsf'; Outlook revised to Positive from Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Rating U.S. Timeshare Loan ABS (pub. 03 Jun 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866653

Related Research

MVW Owner Trust 2013-1 -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715163

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=987531

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987531

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Surveillance Analyst
Margaret Rowe
Director
+1-312-368-3167
Fitch Ratings, Inc.
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Surveillance Analyst
Margaret Rowe
Director
+1-312-368-3167
Fitch Ratings, Inc.
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com