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Mvw 2020-1 Llc Presale: MVW 2020-1 LLC July 9, 2020 PRIMARY CREDIT ANALYST Preliminary Ratings Deborah L Newman New York Class Preliminary rating Preliminary amount (mil. $) Subordination overcollateralization and reserve (%) (1) 212-438-4451 A AAA (sf) 238.010 38.3 deborah.newman @spglobal.com B A (sf) 71.557 19.6 SECONDARY CONTACTS C BBB (sf) 44.005 8.1 Jay Srivats D BB (sf) 21.428 2.5 San Francisco (1) 415-371-5045 Note: This presale report is based on information as of July 9, 2020. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as jay.srivats evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. @spglobal.com Matthew R Howard Chicago Profile + 1 (312) 233 7035 Matthew.Howard Expected closing date July 23, 2020. @spglobal.com Stated maturity Oct. 20, 2037. Brian Kearon New York Collateral Vacation ownership interval (timeshare) loans. + 1 (212) 438 8156 Arranger Credit Suisse Securities (USA) LLC brian.kearon @spglobal.com Seller MORI SPC Series Corp. ANALYTICAL MANAGER Servicer Marriott Ownership Resorts Inc. Ildiko Szilank Indenture trustee, backup servicer, lockbox bank, and custodian Wells Fargo Bank N.A. New York (1) 212-438-2614 ildiko.szilank @spglobal.com Rationale The preliminary ratings assigned to MVW 2020-1 LLC's $375.00 million timeshare loan-backed notes reflect our opinion of the credit enhancement that is available in the form of overcollateralization, the subordination for the class A, B and C notes, the reserve account, and the available excess spread. The preliminary ratings are also based on our opinion of Marriott Ownership Resorts Inc.'s (MORI's) servicing ability and experience in the timeshare market. U.S. lodging is one of the hardest-hit sectors with unprecedented declines in revenue due to the containment measures to slow the spread of COVID-19. Within lodging, we believe the performance of timeshare loan securitizations will likely deteriorate due to travel restraints www.standardandpoors.com July 9, 2020 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2475917 on the last page. Presale: MVW 2020-1 LLC (including the government-mandated closure of resorts), the projected increase in unemployment, the resulting increase in bankruptcy filings, and the potential shift in consumer behavior, including payment priority on various loan obligations. This has put an enormous strain on global economic activity, which S&P Global Ratings expects will continue as long as there are bans and restrictions on travel. For more information, see "COVID-19 Containment Measures Put U.S. Timeshare Loan Payments To The Test," published April 2, 2020. Given that we are in a recessionary period, and to reflect the uncertain and weakened U.S. economic and sector outlook, we are increasing our base-case default assumption by 1.25x to stress defaults from 'B' to 'BB' rating scenarios. To reflect additional liquidity stress from deferrals and potential increase in delinquencies, we also applied incremental liquidity and sensitivity stress in addition to our rating stress in all rating categories (see detailed results of the stressed runs under the Cash Flow Assumptions And Sensitivity Analysis section). Our preliminary ratings on the MVW 2020-1 LLC's timeshare loan-backed notes series 2020-1 reflect that the transaction structure is able to pay timely interest and ultimate principal by legal maturity on all the notes under all of our stressed cash flow scenarios, as well as the recovery rate, liquidity, and credit stability sensitivity scenarios. S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of the coronavirus pandemic. The consensus among health experts is that the pandemic may now be at, or near, its peak in some regions, but will remain a threat until a vaccine or effective treatment is widely available, which may not occur until the second half of 2021. We are using this assumption in assessing the economic and credit implications associated with the pandemic (see our research here: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions and estimates accordingly. Business Description Marriott Vacations Worldwide Corp. (MVW) is the exclusive worldwide developer, marketer, seller, and manager of vacation ownership and related products under the Marriott Vacation Club (MVC) and Grand Residences by Marriott, Sheraton, Westin, and Hyatt Residence Club brands, as well as under the Marriott Vacation Club Pulse brand, an extension of the MVC brand. MVW is also the exclusive worldwide developer, marketer, and seller of vacation ownership and related products under The Ritz-Carlton Destination Club (RCDC) brand, managed by the Ritz-Carlton Hotel Company LLC. MVW generates most of its revenues from four primary sources: selling vacation ownership products, managing its resorts, financing consumer purchases of vacation ownership products, and renting vacation ownership inventory. MVW's portfolio consists of over 100 properties and over 660,000 owners in the U.S. and nine other countries and territories. MVW has had its vacation experience operations for more than 30 years. Since its spin-off from Marriott International Inc. (MII) in November 2011, MVW has been an independent public company, with its common stock listed on the New York Stock Exchange and its corporate headquarters located in Orlando, Fla. As a result of the spin-off, MII and MVW operate independently and have no ownership interest in each other. Since the spin-off, MVW has signed various license agreements to have exclusive rights to use the intellectual property from Marriott, Ritz Carlton, and Grand Residences by Marriott. In September 2018, MVW completed its acquisition of ILG LLC, which includes Aqua-Aston Hospitality, Hyatt Vacation Ownership, Interval International, Trading Places International, Vacation Resorts International, VRI Americas, and Vistana Signature Experiences, the exclusive licensee for the Sheraton and Westin brands in vacation ownership. www.standardandpoors.com July 9, 2020 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2475917 on the last page. Presale: MVW 2020-1 LLC MVW offers products under the following brands: - MVC: MVW's signature offering in the upscale tier of the vacation ownership industry. Resorts typically combine many of the comforts of home, including one-, two-, and three-bedroom options, living and dining areas, in-unit kitchens, and laundry facilities, with resort amenities such as swimming pools, restaurants and bars, convenience stores, fitness facilities, and spas, as well as sports and recreation facilities appropriate for each resort's unique location. - Marriott Vacation Club Pulse: an extension to the MVC brand that features properties in urban locations, with easy access to local interests, attractions, and transportation. Because of their urban locations, Marriott Vacation Club Pulse properties offer limited on-site amenities and include smaller guestrooms without separate living areas and kitchens. - The Sheraton Vacation Club provides upscale vacation experiences in family destinations like Florida, South Carolina, and Colorado, allowing owners and guests to relax, play, and experience what those destinations have to offer. Sheraton Vacation Club resorts are part of the Vistana Signature Network (VSN). - The Westin Vacation Club is a collection of Westin-branded upscale vacation ownership resorts, located in some of the most sought-after destinations and designed with well-being in mind. Units within Westin Vacation Club resorts each include a Heavenly Bed and Westin Vacation Club resorts each offer the WestinWORKOUT program and Heavenly Spa treatments. Westin Vacation Club resorts are part of the VSN. - Grand Residences by Marriott (GRM): an upscale-tier vacation ownership and whole ownership residence brand, which has accommodations similar to MVC. The time period for the GRM vacation ownership intervals (VOIs) ranges between three and 13 weeks. - RCDC: a luxury-tier brand that provides vacation experiences commensurate with the Ritz-Carlton brand. RCDC resorts typically feature two-, three-, and four-bedroom units, luxury resort amenities, and access to full-service restaurants and bars. The on-site services usually include daily housekeeping service, valet, in-residence dining, and access to fitness facilities, as well as spa and sports facilities appropriate for each destination. The Ritz-Carlton Residences is a luxury tier whole ownership residence brand. - The Hyatt Residence Club is a vacation ownership program that provides flexible access to global travel experiences through a diverse portfolio of boutique upscale residential-style retreats. Hyatt Residence Club resorts are located in various destinations, including Maui, Carmel, Aspen, Sedona, San Antonio, and Key West. - Other offerings include The St. Regis Residence Club, offering luxury fractional real estate and distinctive privileges to members, and The Hyatt Residence Club, a vacation ownership program that provides flexible access to global travel experiences through a diverse portfolio of boutique upscale residential-style retreats. MVW sells the majority of products through its points-based ownership
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