News Column

Fitch Affirms SLM Private Student Loan Trust 2003-B

August 12, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms all ratings of the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2003-B (SLM 2003-B). The Rating Outlook remains Negative.

A detailed list of rating actions follows at the end of this press release.

Key Rating Drivers:

Collateral Quality: The trust is collateralized by approximately $452.5 million of private student loans originated by Navient Corp. under the Signature Education Loan Program, LAWLOANS program, MBALoans program, and MEDLOANS program. The projected remaining defaults are expected to range between 8%-10%. A recovery rate of 10% was applied which was determined to be appropriate based on data provided by the issuer.

Credit Enhancement (CE): CE is provided by excess spread and the senior notes benefits from subordination provided by the junior notes. As of the June 16, 2014 distribution, the senior parity, subordinate parity and total parity ratios are 118.46%, 110.13% and 96.71% respectively, comparable to levels observed last year.

Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.12 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities

RATING SENSITIVITIES

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 will continue to monitor the performance of the trust.

Fitch affirms the following ratings:

SLM Private Credit Student Loan Trust 2003-B:

--Class A-2 at 'A-sf'; Outlook Negative;

--Class A-3 at 'A-sf'; Outlook Negative;

--Class A-4 at 'A-sf'; Outlook Negative;

--Class B at 'BBsf'; Outlook Negative;

--Class C at 'CCCsf', RE 15%.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'U.S. Private Student Loan ABS Criteria' (January 2014);

--'Global Structured Finance Rating Criteria' (May 2014).

Applicable Criteria and Related Research:

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=849814

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Nicole Edwards

Director

+1 212-908-9114

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-908-9171

or

Media Relations, New York

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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