Total delinquencies on timeshare loans packed into asset-backed securities declined sharply in March and hit the lowest level since just before the financial crisis hit its peak, Standard & Poor's Ratings Services said Thursday.

The rate fell to 4.04% in March, from 4.73% in February and reached the lowest figure in 20 months. The 30-day weighted-average delinquency rate ended the first quarter at 1.48%, down from 1.98% at the end of 2009 and hitting levels last week in mid-2007. The default rate, though, ticked up on month to 0.7% in March, from 0.59%.

The timeshare securitization market is showing continued momentum this year, following a steady stream of new issuance in 2009, according to S&P.

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