KEY RATING DRIVERS
Collateral Quality: As of the
Credit Enhancement (CE): CE is provided by overcollateralization and excess spread. Additionally, the class A and B notes benefit from subordination. The senior parity has increased from the last review from 123.02% to 124.81%. The subordinate parity has also increased since the last review from 103.33% to 104.82%. Excess cash can be released from the trust as long as total parity is greater than 103% and all outstanding notes have at least 2.25% overcollateralization.
Liquidity Support: All the notes benefit from a liquidity support provided by a reserve account currently sized at
Fitch's base case default proxy is derived primarily from historical collateral performance. That said, actual performance may differ from the expected performance and could result 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. This in turn may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.
Fitch affirms the following;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'Asf'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'.
--'U.S. Private Student Loan ABS Criteria' (
--'Global Structured Finance Rating Criteria' (
--'Counterparty Criteria for Structured Finance and Covered Bonds' (
U.S. Private Student Loan ABS Criteria
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance and Covered Bonds
Source: Fitch Ratings
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