Pools with higher seasoning may experience lower cumulative gross defaults relative to unseasoned pools, as seasoned pools have incurred a significant portion of their defaults prior to their inclusion in a securitization.As a result, the 2015-1 transaction was able to earn the same rating as the 2014-1 notes, despite benefitting from lower levels of subordination. Fitch Ratings assigned preliminary 'A' rating to $233 million of class A notes with credit enhancement of 12.25%; and a 'BBB' rating to $21.8 million of class B notes with credit support at 4%. The 2014-1 class A notes were structured with credit enhancement of 14% and the class B note had credit enhancement of 4.5%. The notes issued by the latest deal are backed by a pool of fixed-rate timeshare loans originated by Marriott Ownership Resorts, Inc. (MORI) or its affiliates. MORI is a subsidiary of Marriott Vacations Worldwide Corporation (MVW). This is MVW's 17th term securitization.