2008-04-08 23:52:45 -

- Fitch affirms and removes from Rating Watch Negative the ratings on Sierra Timeshare 2004-1 Receivables Funding Company, LLC and Capital One Auto Finance Trust 2004-B, as listed below. The affirmation is based upon the performance of the Trust's underlying assets, current credit enhancement as well as the financial and legal structure.

The transaction also benefits from a financial

guaranty provided by MBIA Insurance Corp. (MBIA). Initially, classes in the trust were rated 'AAA' based solely on the financial guaranty provided by MBIA Insurance Corp. Fitch downgraded MBIA Insurance Corp's insurer financial strength (IFS) to 'AA'/Outlook Negative on April 4, 2008. Based upon Fitch's review of the transaction performance and credit enhancement absent the MBIA policy, Fitch has determined that a revised rating of 'AAA' is appropriate. Even though this revised rating does not rely on the MBIA's guaranty, MBIA still remains obligated to insure timely interest and ultimate principal payments to the bondholders.

Consistent with Fitch's policy in other structured finance sectors, in the event that a trust's underlying rating is higher than the insurer's current IFS rating, the Fitch rating will be based on the underlying rating rather than the insurer's IFS rating.

For more information please refer to 'Fitch Downgrades MBIA's IFS to 'AA'; Outlook Negative', dated April 4, 2008, available on the Fitch Ratings web site at www.fitchratings.com.

As a result of the review, Fitch has affirmed at 'AAA' the ratings of the following 3 classes and removed them from 'Rating Watch Negative':

-- Sierra Timeshare 2004-1 Receivables Funding Company, LLC, Class A-1 & Class A-2

-- Capital One Auto Finance Trust 2004-B Class A-4

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York
John Bella, +1-212-908-0243
Mary Mac Neill, +1-212-908-0785
Sandro Scenga, +1-212-908-0278 (Media Relations)