KEY RATING DRIVERS
Adequate Collateral Quality: The trust is collateralized by approximately
Sufficient Credit Enhancement (CE): Transaction credit enhancement is provided by a combination of combination of overcollateralization (the excess of the trust's asset balance over the bond balance), excess spread, and subordination for the Class A and B notes. As of the
Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately
Satisfactory 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 has affirmed the following:
--Class A-2 at 'AAsf';
--Class A-3 at 'AAsf';
--Class B at 'Asf';
--Class C at 'BBsf'.
The Rating Outlooks have been revised to Stable from Negative.
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 - Effective from
Source: Fitch Ratings
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