Fitch SMARTView: 1 U.S. ABS Timeshare Receivables Transaction Placed Under Analysis

CHICAGO--(Business Wire)--
Following its monthly surveillance review, Fitch Ratings identified one of its
$1.04 billion U.S. ABS Timeshare Receivables transactions as 'Under Analysis',
indicating that Fitch will be issuing a rating action within 30 days.

Those transactions include the following:

-- Sierra Timeshare 2008-1 Receivables Funding, LLC.

Eight Timeshare Receivables transactions were designated with a SMARTView date
of April 13, 2009, indicating that no in depth review is necessary.

To review a list of all deals Fitch currently has 'Under Analysis', please use
the following link (accessible to all users of the Fitch web site):

www.fitchratings.com/smartview

SMARTView, a recent addition to Fitch's Structured Finance Surveillance,
Metrics, Analytics, Research, and Tools (SMART) products, monitors collateral
performance in structured finance bonds thus providing investors greater insight
to Fitch's internal analytic screening process and furthers transparency by
publicly identifying the deals that Fitch has identified as requiring an
immediate review.

As Fitch receives monthly information on structured finance transactions from
trustees and servicers, Fitch analysts run the data through various internal
algorithms that identify classes of a transaction as possible candidates for
upgrade or downgrade. Fitch's analysts scrutinize the output to decide which
deals need a formal review, which are noted as 'Under Analysis', and those deals
which can be given a SMARTView date.

SMARTView is available on the Fitch Ratings web site at 'www.fitchratings.com',
along with the report titled 'SMARTView, Fitch U.S. Structured Finance Monthly
Public Reviews'.

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
Brad Sohl, 312-368-3127 (Chicago)
Du Trieu, 312-368-2091 (Chicago)
Mary MacNeill, 212-908-0785 (New York)
Media Relations:
Cindy Stoller, 212-908-0526 (New York)
cindy.stoller@fitchratings.com

Copyright Business Wire 2009