OREANDA-NEWS. Fitch Ratings has affirmed the notes issued by various Sierra Timeshare Receivables transactions. A full list of ratings follows at the end of this release.

KEY RATING DRIVERS

The rating affirmations reflect the ability of each transaction's credit enhancement (CE) to provide loss coverage consistent with the current ratings. To date, all transactions are tracking within Fitch's initial base case cumulative gross default (CGD) expectations. The Stable Outlook for all four transactions, inclusive of the Outlook revision to Stable from Positive for the 2013-2 transaction, reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels for the next 12 to 18 months.

Fitch will continue to monitor economic conditions and their impact on trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce cumulative gross default (CGD) levels higher than the base case and would likely result in declines of credit enhancement and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

At the time of initial rating, Fitch conducted sensitivity analysis stressing each of the transaction's initial base case CGD and prepayment assumptions by 1.5x and 2.0x and examining the rating implications on all classes of issued notes. The 1.5x and 2.0x increases of each transaction's base case CGD and prepayment assumptions represent moderate and severe stresses, respectively, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust's performance.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

Sierra Timeshare 2012-2 Receivables Funding, LLC
--Class A notes at 'Asf'; Outlook Stable;
--Class B notes at 'BBBsf'; Outlook Stable.

Sierra Timeshare 2013-2 Receivables Funding, LLC
--Class A notes at 'Asf'; Outlook revised to Stable from Positive;
--Class B notes at 'BBBsf'; Outlook revised to Stable from Positive;
--Class C notes at 'BBsf'; Outlook revised to Stable from Positive.

Sierra Timeshare 2014-2 Receivables Funding, LLC
--Class A notes at 'Asf'; Outlook Stable;
--Class B notes at 'BBBsf'; Outlook Stable.

Sierra Timeshare 2015-2 Receivables Funding, LLC
--Class A notes at 'Asf'; Outlook Stable;
--Class B notes at 'BBBsf'; Outlook Stable.