DBRS Morningstar Upgrades and Confirms 18 Westgate and BXG Timeshare Deals
OtherDBRS, Inc. (DBRS Morningstar) took rating actions on 18 securities issued by eight series of timeshare asset-backed security transactions. Of the 18 securities, 13 were upgraded and five were confirmed. The performance trends of the upgraded securities are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their new respective rating levels. The performance trends of the confirmed securities are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.
The series reviewed include the following:
-- BXG Receivables Note Trust 2013-A
-- BXG Receivables Note Trust 2015-A
-- BXG Receivables Note Trust 2016-A
-- BXG Receivables Note Trust 2017-A
-- BXG Receivables Note Trust 2018-A
-- Westgate Resorts 2016-1 LLC
-- Westgate Resorts 2017-1 LLC
-- Westgate Resorts 2018-1 LLC
The ratings are based on DBRS Morningstar’s review of the following analytical considerations:
-- Transaction capital structure, current ratings, and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting, and servicing.
-- The credit quality of the collateral pool and historical performance.
Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
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