Fitch Affirms Marriott Vacation Club Trust 2002-1
CHICAGO-(Business Wire)-September 14, 2009 - Fitch Ratings has affirmed the following classes of Marriott Vacation Club Trust 2002-1 (MVCT 2002-1) as follows:
—Class A-1 notes at 'AAA';
—Class A-2 notes at 'AAA';
—Class B notes at 'AAA';
—Class C notes at 'AAA';
—Class D notes at 'AA'.
Performance on the transaction has deteriorated over the past year and a half, consistent with trends observed across the timeshare sector. However, as defaults have consistently been repurchased, credit enhancement has grown slightly since Fitch's last review, partially mitigating the deterioration in default performance.
Fitch will continue to closely monitor this transaction and may take additional rating actions as necessary.
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.
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