Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Fitch Affirms 1 Class of South Carolina Student Loan Corp., Series 2010-1

From
cash loan – Yahoo News Search Results:

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings on the class A notes currently rated ‘AAAsf’ issued by South Carolina Student Loan Corp., Series 2010-1. The Outlook is Stable.

Key Rating Drivers:

Collateral Quality: The trust collateral is composed of 100% Federal Family Education Loan Program (FFELP) loans. In Fitch’s opinion, the credit quality of the trust collateral is higher based on the guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The Stable Outlook on the notes is consistent with Fitch’s affirmation of the U.S. sovereign rating at ‘AAA’, Outlook Stable.

Sufficient Credit Enhancement (CE): Transaction CE is provided by overcollateralization and excess spread. As of July 2014, reported parity is at 106.87%. Excess cash has not been released as the trust is currently in turbo. All remaining funds are used to pay down the notes. Excess funds may be released once all of the notes have been paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of 0.25% of the pool balance and 0.10% of the initial pool balance. As of July 2014, reserve account balance is $1,069,884.

Satisfactory Servicing Capabilities: South Carolina Student Loan Corporation, servicing 100% of the loans, as well as Nelnet Servicing LLC as a backup servicer, have both demonstrated adequate servicing capabilities. In Fitch’s opinion, both are acceptable servicers of FFELP student loans

Rating Sensitivities

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivity further described in the New Issue Report published on Dec. 10, 2010.

Fitch has taken the following rating actions:

South Carolina Student Loan Corp., Series 2010-1:

–Class A-2 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-3 affirmed at ‘AAAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ May 20, 2014;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ June 23, 2014.

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, April 17, 2012.

–‘South Carolina Student Loan Corp., Series 2010-1’, Dec. 10, 2010.

Applicable Criteria and Related Research:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Global Structured Finance Rating Criteria

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

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=906294

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.

Security Upgrades & DowngradesFinanceFitch RatingsStudent Loan
Contact:

Fitch Ratings

Primary Analyst

Charlene M. Davis

Director

+1-212-908-0213

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Sandro Scenga

Media Relations

+1-212-908-0278

New York

sandro.scenga@fitchratings.com

Read more:
Fitch Affirms 1 Class of South Carolina Student Loan Corp., Series 2010-1

Comments are closed.