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
Credit Enhancement (CE): CE is provided by excess spread and the senior notes benefits from subordination provided by the junior notes. As of the
Liquidity Support: Liquidity support is provided by a reserve account sized at approximately
Servicing Capabilities: Day-to-day servicing is provided by
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:
--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'
--'U.S. Private Student Loan ABS Criteria' (
--'Global Structured Finance Rating Criteria' (
U.S. Private Student Loan ABS Criteria
Global Structured Finance Rating Criteria
Source: Fitch Ratings
Most Popular Stories
- Cape Cod Building Mussel Industry
- Hollywood Eager to Grasp Hispanic Market
- Frightfully Fun Films Return for Halloween
- Would Soccer Be Richer Without Small Clubs?
- Microsoft Beats Income Expectations
- Sears Denies Store Closings, Layoffs Report
- Cloud Lifts Microsoft's Quarterly Results
- IS Funded by Black Market Oil Sales, Racketeering
- Weekly Jobless Claims Rise but Remain Low
- Pfizer Approves $11 Billion Buyback Plan