2011-03-17 22:54:58 -

Fitch Ratings has affirmed the class A notes for Sierra Timeshare 2010-1 Receivables Funding LLC (Sierra 2010-1) and revised the Rating Outlook as follows.

--Class A at 'Asf'; Outlook to Positive from Stable.

The rating affirmation reflects the increase in credit enhancement since closing, along with the transaction's overall performance remaining in line with Fitch's initial expectations. Fitch analyzed the qualitative and quantitative factors influencing the notes to determine the appropriate Rating Outlook. The Outlook revision reflects the likelihood of an upgrade by Fitch in the future.

Fitch will continue to monitor economic conditions and its impact as it relates to timeshare asset-backed securities and the trust level performance variables and update the rating accordingly.

Additional information is available at ' www.fitchratings.com :

cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. '.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research.

--'Criteria for Rating U.S. Timeshare Loan ABS' (June 25, 2010);

--'Global Structured Finance Rating Criteria' (Aug. 16, 2010).

Applicable Criteria and Related Research.

Criteria for Rating U.S. Timeshare Loan ABS

www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

Global Structured Finance Rating Criteria

www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..

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Fitch RatingsPrimary AnalystMargaret Myers, +1-312-368-3167Associate
DirectorFitch Inc., 70 W. Madison St., Chicago, IL 60602orCommittee

ChairpersonHylton Heard, +1-212-908-0214Senior DirectororMedia
Relations:Sandro Scenga, +1-212-908-0278Email: sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com