NEW YORK–( BUSINESS WIRE)– Fitch Ratings has verified the exceptional trainee loan notes released by
SLM Private Credit Student Loan Trust 2004-A (SLM 2004-A) as follows:
— Class A-3 at AAsf; Outlook Steady;
— Class B at Asf; Outlook Stable;
— Class C at BB-sf; Outlook Steady.
SECRET SCORE DRIVERS
Collateral Quality: The trust is collateralized by roughly $350.08.
countless personal trainee loans come from by Navient Corp. under the.
Signature Education Loan Program, LAWLOANS program, MBA Loans program,.
and MEDLOANS program. The forecasted staying defaults are anticipated to.
variation between 8% – 11% of the present primary balance. A recovery rate.
of 13% was assumed in Fitchs cash circulationcapital analysis.
Credit Improvement (CE): CE is provided by excess spread, and the senior.
class notes gain from subordination offered by the junior class.
notes. As of the June 2016 circulation, the senior, secondary, and.
overall parity ratios are 118.70%, 112.26%, and 105.38%, respectively,.
compared with 118.55%, 112.12%, and 103.00% for the exact same time last year.
The trust also benefits from a specified over-collateralization quantity.
that is needed to be maintained at 2% of the initial possession balance.
Liquidity Support: Liquidity support is provided by a reserve account.
sized at around $3.13 million.
Servicing Abilities: Day-to-day maintenance is provided by Navient.
Solutions Inc., which has actually shown satisfying maintenance.
Under the Counterparty Criteria for Structured Financing and Covered.
Bonds, dated July 18, 2016, Fitch aims to its own rankings in studying.
counterparty threat and examining a counterpartys creditworthiness. The.
definition of the permitted investment for this deal allows the.
possibility of using investments not rated by Fitch; this represents a.
requirements variation. Fitch does not think that such variation has a.
measurable effectinfluence on the scores designated.
Under Fitchs Counterparty Criteria for Structured Finance and Covered.
Bonds, dated July 18, 2016, the deals swap files do not.
address the replacement of the swap counterparty when the swap contract.
terminates before the bonds legal last maturities, which represents a.
criteria variation. Provided the transactions basis risk swap, Fitch.
thinks about the counterparty exposure to be immaterial; therefore, Fitch.
does not believe it has a quantifiable impact on the rankings assigned.
As Fitchs base case default proxy is obtained primarily from historical.
collateral efficiency, actual efficiency may change from the anticipated.
performance, leading to higher loss levels than the base case. This.
will lead to a decline in CE and remaining loss protection levels.
available to the notes and might make specific note ratings susceptible to.
prospective unfavorable ranking actions, depending upon the extent of the.
decline in protection. Fitch will continue to keep track of the performance of.
DUE DILIGENCE USE.
No third-party due diligence was offered or evaluated in relation to.
this score action.
Additional information is offered at www.fitchratings.com.
Counterparty Criteria for Structured Finance and Covered Bonds (club. 18.
Counterparty Criteria for Structured Finance and Covered Bonds:.
Derivative Addendum (pub. 18 Jul 2016).
Criteria for Interest Rate Worries in Structured Financing Transactions.
and Covered Bonds (bar. 17 May 2016).
Requirements for Servicing Continuity Danger in Structured Finance (pub. 17.
International Structured Finance Ranking Criteria (pub. 27 Jun 2016).
United States Personal Student Loan ABS Criteria (bar. 31 Jul 2015).
Dodd-Frank Rating Details Disclosure Form.
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CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH.