The class A-5W notes are identical to the class A-5 notes issued from SLM 2006-B, receiving interest and principal payments pro-rata. The rating of the class A-5W notes is based on the underlying collateral pool and no credit to the
KEY RATING DRIVERS
Collateral Quality: As of the
Credit Enhancement: CE is provided by overcollateralization and excess spread. The class A notes also benefit from subordination of the class B and C notes. As of the
SLM 2006-BW class A-5 notes receive pro-rata interest and principal payments with the SLM 2006-B class A-5 notes and as such receive identical credit enhancement and structural benefits as the SLM 2006-B class A-5 notes.
Acceptable Servicing Capabilities:
As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in credit enhancement and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.
Additional information is available at www.fitchratings.com.
--'Global Structured Finance Rating Criteria' (
--'Rating Criteria for U.S. Private Student Loan ABS' (
Global Structured Finance Rating Criteria
U.S. Private Student Loan ABS Criteria
Source: Fitch Ratings
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