News Column

Fitch Affirms SLM Private Credit Student Loan Trust 2004-A; Outlook Stable

August 18, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2004-A (2004-A) at their current rating levels. The Rating Outlook has been revised to Stable from Negative. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately $472.0 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 10.0% - 12.0%. A recovery rate of 10.0% was applied which was determined to be appropriate based on data provided by the issuer.

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 May 2014, senior, subordinate, and junior subordinate parity ratios are 118.43%, 112.00% and 101.66% respectively.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.1 million.

Satisfactory 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 has affirmed the following:

SLM Private Credit Student Loan Trust 2004-A:

--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'.

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 - Effective from 20 May 2014 to 4 August 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=853015

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

Charlene Davis, +1 212-908-0213

Director

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan, +1 212-908-9171

Senior Director

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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