Fitch Affirms Orange Lake Timeshare Trust 2006-A

2008-09-12 23:31:02 -

- Fitch Ratings has affirmed the following classes of Orange Lake Timeshare Trust 2006-A (OLTT 2006-A):

--Class A notes at 'AA';

--Class B notes at 'A';

--Class C notes at 'BBB'.

OLTT 2006-A was initially subject to an 18 month replenishment period, during which additional collateral may be purchased by the trust, subject to certain requirements.

The transaction began to amortize in April 2008. Since close, gross default performance on the trust has been worse than initial expectations. However, as the seller has actively exercised its option to substitute collateral for defaulted loans, no net losses have been realized by the trust and credit enhancement levels have remained stable.

Fitch will continue to closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

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
Bradley Sohl, +1-312-368-3127 (Chicago)
Du Trieu, +1-312-368-2091 (Chicago)
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)