OREANDA-NEWS. Fitch Ratings has affirmed both classes of notes issued by Orange Lake Timeshare Trust 2014-A. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The rating affirmations reflect the ability of the transaction's credit enhancement (CE) to provide loss coverage consistent with the current ratings. The Stable Outlook for both classes of notes reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the current ratings for the next 12-18 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.

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 30, 2014. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'Orange Lake Timeshare Trust 2014-A - 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 affirmed the following ratings for Orange Lake Timeshare Trust 2014-A:

--Class A at 'Asf'; Outlook Stable;
--Class B at 'BBBsf'; Outlook Stable.