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TEXT-S&P assigns Westgate Resorts' 2012 notes prelim rtgs
September 13, 2012 / 5:26 PM / 5 years ago

TEXT-S&P assigns Westgate Resorts' 2012 notes prelim rtgs

Sept. 13 - OVERVIEW

-- Westgate Resorts 2012-2 LLC's issuance is an ABS securitization backed by deeded vacation ownership interval (timeshare) loans.

-- We assigned our preliminary ratings to the class A, B, and C notes.

-- The preliminary ratings reflect our view of the transaction's timely interest and ultimate principal payments, the legal structure, the initial and future lessees' estimated credit quality, and the manager's experience, among other factors. NEW YORK (Standard & Poor's) Sept. 13, 2012--Standard & Poor's Ratings Services today assigned its preliminary ratings to Westgate Resorts 2012-2 LLC's $221 million timeshare-collateralized notes (see list). The note issuance is an asset-backed securities transaction backed by deeded vacation ownership interval (timeshare) loans. The preliminary ratings are based on information as of Sept. 13, 2012. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect our opinion of the credit enhancement available in the form of subordination, overcollateralization, a reserve account, and available excess spread; and our view of Westgate Resorts Ltd.'s servicing ability and experience in the timeshare market. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at "RELATED CRITERIA AND RESEARCH

-- Presale: Westgate Resorts 2012-2 LLC, Sept. 13, 2012

-- Counterparty Risk Framework Methodology and Assumptions, May 31, 2012

-- Global Investment Criteria For Temporary Investments in Transaction Accounts, May 31, 2012

-- Credit FAQ: Can the U.S. Timeshare Industry Continue its Sales Growth Rebound?, Feb. 6, 2012

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- S&P Corrects: Ratings On Three Sierra Timeshare Transactions Affirmed, Aug. 12, 2011

-- Principles Of Credit Ratings, Feb. 16, 2011

-- Methodology: Credit Stability Criteria, May 3, 2010

-- Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009

-- Legal Criteria For U.S. Structured Finance Transactions: Overview Of Legal Criteria For U.S. Structured Finance Transactions, Oct. 1, 2006

-- Rating Criteria For U.S. Timeshare Loan Securitizations, Oct. 8, 2003 PRELIMINARY RATINGS ASSIGNED Westgate Resorts 2012-2 LLC Class Rating Amount

(mil. $) A A (sf) 141 B BBB (sf) 49 C BB (sf) 31 Primary Credit Analysts: John J McCarthy, New York (1) 212-438-1145;

j_mccarthy@standardandpoors.com

Shannon E Mooney, New York (1) 212-438-7447;

shannon_mooney@standardandpoors.com Analytical Manager, U.S. Structured Credit New Issuance: Winston W Chang, New York (1) 212-438-8123;

winston_chang@standardandpoors.com Legal Contact: Sabine Zerarka, New York (1) 212-438-6610;

sabine_zerarka@standardandpoors.com

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