Ratings Affirmed On Six BXG Receivables Note Trusts

  • BXG Receivables Note Trust series 2012-A, 2013-A, 2015-A, 2016-A, 2017-A, and 2018-A are ABS transactions backed by timeshare loans.
  • We affirmed the ratings on each note from all the series.
  • The affirmations reflect the availability of sufficient credit support at the current rating levels and BXG servicing capabilities.
 
NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings today 
affirmed its ratings on the notes from BXG Receivables Note Trust series 2012-A
, 2013-A, 2015-A, 2016-A, 2017-A, and 2018-A. The transactions are backed by 
vacation ownership interval (VOI) loans. The data used for the review was from 
the February 2019 servicer report. The affirmed ratings reflect our opinion of 
the credit enhancement in the form of subordination, overcollateralization, a 
reserve account, and excess spread as well as our view of Bluegreen Vacation 
Corp.'s (Bluegreen's) servicing ability and experience in the timeshare 
market.

Bluegreen is one of the largest VOI developers and managers in the U.S. 
Compared with many developers that have resorts only in destination locations, 
Bluegreen has resorts in regional and destination locations. The regional 
drive-to locations, which are within a few hours of Bluegreen's timeshare 
owner base, make up the majority of the company's resorts.

The table below shows the current note balances and series pool factors as of 
the February 2019 servicer report.

               A note         B note         C note            Pool    Pool
              balance        balance        balance         balance  factor
                  ($)            ($)            ($)             ($)     (%)
2012-A  10,997,854.45   2,914,979.09                  16,670,084.98   14.92
2013-A  20,392,669.28   4,929,353.88                  29,205,264.03   24.75
2015-A  31,441,043.50  10,003,968.39                  47,407,932.42   37.93
2016-A  45,133,011.07  16,412,004.00                  72,737,559.99   50.16
2017-A  59,264,809.03  20,970,624.75                  95,699,228.97   70.07
2018-A  46,773,807.51  31,119,159.20  32,640,258.63  125,153,345.87   92.71

According to the Feb. 19, 2019, servicer report, no performance triggers were 
breached, and the transactions met the reserve account and 
overcollateralization requirements.

We will continue to review whether the ratings assigned to the notes remain 
consistent with the credit enhancement available to support them and will take 
rating action as we deem necessary.