Fitch Affirms Rating on Sierra Timeshare 2008-1 Receivables Funding LLC

Fitch Ratings has affirmed the ratings on the following notes issued by Sierra Timeshare 2008-1 Receivables Funding LLC (Sierra 2008-1):

--Class A-1 notes at 'AAA';

--Class A-2 notes at 'AAA';

--Class B notes at 'AA';

--Class C notes at 'A'.

Sierra 2008-1 is a securitization of timeshare receivables originated and serviced by affiliates of Wyndham Worldwide Corp. Cumulative gross defaults on the transaction to date have outpaced Fitch's initial expectations. However, as all defaults to date have been repurchased, credit enhancement levels for each rated class have grown and continue to be able to provide coverage of expected defaults consistent with Fitch's criteria for each applicable rating level. Fitch will continue to closely monitor this transaction and will take additional rating actions if warranted.

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.