Bangkok--6 Nov--Standard & Poor's
NEW YORK (Standard & Poor's) Nov. 5, 2014--Standard & Poor's Ratings Servicestoday assigned its preliminary ratings to Diamond Resorts Owner Trust 2014-1's$200.00 million timeshare loan-backed notes series 2014-1 (see list).
The note issuance is an asset-backed securities transaction backed by vacationownership interval (timeshare) loans.
The preliminary ratings are based on information as of Nov. 5, 2014.Subsequent information may result in the assignment of final ratings thatdiffer from the preliminary ratings.
The preliminary ratings reflect our opinion of the credit enhancement that isavailable in the form of subordination, overcollateralization, a reserveaccount, and available excess spread.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit ratingrelating to an asset-backed security as defined in the Rule, to include adescription of the representations, warranties, and enforcement mechanismsavailable to investors and a description of how they differ from the
representations, warranties, and enforcement mechanisms in issuances ofsimilar securities.
The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at http://standardandpoorsdisclosure-17g7.com/2848.pdf