Director Jay Srivats joins our host Tom Schopflocher this week to give an update on the U.S. timeshare securitization sector. We discuss the consolidation trends in the sector this year and their impact on issuance volume, the adjustments to our base-case default assumptions in our rating analysis in response to the pandemic, and the sector's overall stable ratings performance despite pandemic-related increases in deferrals and delinquencies.