Press Release: Duff & Phelps Credit Rating Co.
February 4, 2000
NEW YORK, NY -- Using data from 12 of the 23 transactions it has rated since 1992, Duff & Phelps Credit Rating
Co. (DCR) has created two performance indices for timeshare securitizations. DCR's Timeshare Securitization Performance
Indices depicts 1) Cumulative gross defaults as a percentage of initial outstanding principal from the closing
date forward (annual static pools); and 2) Monthly delinquencies and monthly gross defaults as a percentage of
outstanding principal from January 19997 to December 1999 (seasonal performance fluctuations).
DCR introduced its Timeshare Securitization Performance Indices in September 1999 in response to the continued
increase in issuance over the last several years. The issuance of securities backed by pools of timeshare mortgage
loans or pools of right-to-use timeshare receivables is on course to exceed 1998`s record level of issuance, according
to the Special Report DCR Introduces its Timeshare Securitization Performance Indices.
As for 2000 and beyond, DCR believes that timeshare securities could exceed the $1 billion per-year mark as a result
of prominent hotel companies with timeshare divisions using securitization as a source of financing.
DCR's Timeshare Securitization Performance Indices are updated and published monthly. The latest update, containing
data through December 1999, is now available on DCR's Web site.
DCR is a leading global rating agency with 34 local market offices providing ratings and research on debt issues
and insurance claims paying ability in more than 50 countries. For a copy of the most recent Timeshare Securitization
Performance Indices Update, or a copy of the report DCR Introduces its Timeshare Securitization Performance Indices,
visit DCR's Web site at http://www.dcrco.com (Quick Search: Timeshare). DCR's
research is also available on Bloomberg at DCR and FirstCall's BondCall Direct/Research Direct at http://www.firstcall.com,
as well as through other third-party providers.
Contact: Sean P. McKay, 212-908-0241, mckay@dcrco.com, or Ashley B. Dixon,
212-908-0347, dixon@dcrco.com, or Sean P. Sheerin, 212-908-0247, sheerin@dcrco.com,
all of DCR