The preliminary ratings assigned to Elara HGV Timeshare Issuer 2021-A LLC's $180.380 million vacation timeshare loan-backed notes series 2021-A reflect S&P Global Ratings' opinion of the credit enhancement available in the form of overcollateralization, a reserve account, available excess spread, and subordination. Our preliminary ratings also reflect our view of Grand Vacations Services LLC's servicing ability and experience in the timeshare market. Although the travel sector has started showing signs of recovery, and while travel habits may eventually return to pre-pandemic levels, it will not happen with the same speed with which the industry shut down in March 2020.