Following its monthly surveillance review, Fitch designated 4 U.S. Timeshare transactions with a SMARTView date of Sept. 14, 2009, indicating that performance has been reviewed and a rating action is not immediately anticipated within the next 30 days. No transaction was designated as 'Under Analysis'.

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

As Fitch receives monthly information on Timeshare ABS 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 further review, and which are noted as 'Under Analysis'. Deals not selected for further review are given a SMARTView date indicating that the performance information has been reviewed.

A transaction may also be designated as 'Under Analysis' when a review is undertaken because of a material event affecting the transaction or when a regular, more in-depth periodic review is being performed. While transaction performance is reviewed monthly, Fitch conducts detailed portfolio reviews at least annually.

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.