BXG Receivables Note Trust 2022-A: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the BXG Receivables Note Trust 2022-A (BXG 2022-A). BXG 2022-A primarily consists of a pool of timeshare loans originated by Bluegreen Vacations Corporation or Bluegreen Properties N.V. (together, Bluegreen or the Company), each evidenced by a promissory note and secured by a first mortgage on a fractional fee-simple timeshare interest in a residential unit or an undivided interest in a Bluegreen resort associated with a residential unit and a pool of timeshare loans each secured by shares of the timeshare cooperative association at La Cabana Resort in Aruba (each a Timeshare Loan). The BXG 2022-A transaction represents the 16th term asset-backed security (ABS) transaction for Bluegreen since 2002, resulting in the issuance of approximately $2.0 billion of term ABS. The Company has completed nine transactions with senior and subordinate rated securities since 2008, and BXG 2022-A offers both senior and subordinate rated securities.