A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
Adequate Collateral Quality: As of
Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (the excess of trust's asset balance over bond balance) and excess spread. Total parity ratio has increased to 119.21% (
Adequate Liquidity Support: Liquidity support is provided by a debt service reserve fund sized at the greater of 2% of the current bond balance and 1% of the initial bond balance. As of
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 CE 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.
Fitch's stress analysis is discussed in the presale titled '
The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service
+1-212-908-0800 or at 'firstname.lastname@example.org'.
Fitch affirms the following ratings:
Additional information is available at 'www.fitchratings.com'.
--'U.S. Private Student Loan ABS Criteria' (
--'Global Structured Finance Rating Criteria' (
--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (
U.S. Private Student Loan ABS Criteria
Global Structured Finance Rating Criteria
Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions
Source: Fitch Ratings
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