OVERVIEW -- Marriott Vacation Club Owner Trust 2012-1's note issuance is a securitization backed by a pool consisting of vacation ownership interval (timeshare) loans. -- We assigned our preliminary ratings to the class A and B notes. -- The preliminary ratings reflect our view of the transaction's credit enhancement that is available in the form of overcollateralization, the subordination for the class A notes, the reserve accounts, and the available excess spread, among oth