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Fitch Affirms Iowa Student Loan Liquidity Corp Series 2005-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ‘AAAsf’ rating on the senior notes and the ‘A+’ rating on the subordinate notes issued by Iowa Student Loan Liquidity Corporation (Iowa Student Loan) student loan asset-backed notes, series 2005-1. The Rating Outlook remains Stable for the senior and subordinate notes. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

High Collateral Quality:

The collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. sovereign ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE):

While both the senior and subordinate notes will benefit from overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread, the senior notes also benefit from subordination provided by the class B note. As of September 2014, total parity is 101.77% (1.74% CE) and senior parity is 118.63% (15.70% CE). Although total parity is 101.77%, Fitch only gives credit to the 100.50% cash release level.

Adequate Liquidity Support:

Liquidity support is provided by a debt service reserve fund sized at the greater of 0.50% of the outstanding pool balance and $1,014,938.

Acceptable Servicing Capabilities:

As of Jan. 1, 2014, servicing for the Iowa Student Loan Liquidity Corporation (ISL) 2005-1 trust was transferred to ISL’s subsidiary, Aspire Resources, Inc. Fitch believes Aspire Resources, Inc. is an acceptable servicer 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.

Fitch has affirmed the following ratings:

Iowa Student Loan Liquidity Corporation 2005-1

–Senior class A-2 notes at ‘AAAsf’; Outlook Stable;

–Senior class A-3 notes at ‘AAAsf’; Outlook Stable;

–Subordinate class B notes at ‘A+sf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated August 2014;

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979313

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

Jeffrey Prackup

Director

+1-212-908-0839

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

Sandro Scenga, New York, +1 212-908-0278

Email:

sandro.scenga@fitchratings.com […]

Capital Senior Living Corporation Acquires Two Communities and Closes on Sale of Four Non-Core Communities

DALLAS–(BUSINESS WIRE)–

Capital Senior Living Corporation (the “Company”) (CSU), one of the nation’s largest operators of senior living communities, today announced the completion of three transactions that will strengthen the Company’s operating portfolio and enhance its cash position to provide for further growth: the acquisition of two senior living communities, the disposition of four non-core communities and the refinance of an existing community loan. The Company also announced that it recently executed early rate locks on refinancing transactions associated with two communities at an average interest rate of approximately 3.85%, both of which are expected to close by the end of the first quarter of 2015.

“We are extremely pleased to add two high-occupancy communities with excellent financial and operating metrics to our consolidated operations and to complete the sale of the four communities that are not core to Capital Senior,” said Lawrence A. Cohen, the Company’s Chief Executive Officer. “The completed loan refinance reflects the appreciation in value of this owned community and allows the Company to continue to benefit from historically low interest rates and fix this debt at attractive rates while extending the maturity to 2025, as do the two additional refinancings which will be completed in the first quarter. On a net basis, the completed and upcoming transactions announced today provide us with $35 million in incremental cash proceeds that we will use to continue to invest in the acquisition of high-performing communities, enhance our cash reserves and pay off short-term bridge loans.”

The two acquired communities were purchased for $32.8 million. One of the transactions was completed in mid-December and the other in mid-January. They are comprised of 127 assisted living units and are located in regions in which the Company already has extensive operations. The communities are financed with $24.5 million of 10-year fixed-rate debt that is non-recourse to the Company with a blended interest rate of 4.41%.

The Company is conducting due diligence on additional acquisitions of high-quality senior living communities in states with extensive existing operations totaling approximately $45 million. Subject to completion of customary closing conditions, the acquisitions are expected to close in the first half of 2015.

In January, the Company sold the four non-core communities for $36.5 million and will receive approximately $18.0 million in net proceeds after relieving the debt associated with the communities and paying customary transaction and closing costs. The communities sold were comprised of 547 independent living units. The net effect of the reinvestment of these proceeds in high-quality communities is expected to be accretive.

In December, the Company refinanced the debt associated with one community, lowering the interest rate and yielding $9.3 million in incremental cash proceeds from the new loan after customary transaction and closing costs. The new mortgage is $18.9 million with a 4.46% fixed interest rate and matures in January 2025. The new mortgage replaced $8.4 million of fixed-rate debt with an interest rate of 5.75% that was set to mature in March 2017.

The Company executed early rate lock agreements on $45.0 million of mortgage debt for two communities at an interest rate of approximately 3.85% with a 10-year maturity. These new mortgages will close by the end of the first quarter of 2015. This debt will refinance an existing mortgage of $8.0 million with an interest rate of 5.46% due to mature in August 2015 and one short-term bridge loan of $21.6 million with floating rate interest of 2.92% due to mature July 2016. Net proceeds from these two refinance transactions will total approximately $15.0 million. The Company plans to use these proceeds to pay off two short-term, floating-rate bridge loans totaling $14.0 million.

Additional highlights of the acquisitions, refinance and rate locks include:

Acquired Communities

Increases annual revenue by $5.2 million Increases CFFO by $1.2 million, or $0.04 per share Improves earnings by $0.4 million, or $0.02 per share Average monthly rent for the communities is approximately $3,606

Mortgage Debt Refinance

$18.9 million of 10-year fixed-rate mortgage debt at 4.46% 129 basis point reduction in the fixed-debt interest rate Cash proceeds to the Company of $9.3 million Extends maturity to 2025

Mortgage Rate Locks

$45.0 million of 10-year fixed-rate mortgage debt at 3.85% Net proceeds of $15.0 million upon the refinance of the two mortgages Proceeds used to pay off short-term bridge loans of $14.0 million

The Company also noted that the previously-announced plan to convert 360 independent living units to assisted living units at certain communities remains on or ahead of schedule. As of December 31, 2014, approximately 207 units had been converted with the remainder expected to be completed by the middle of 2015.

ABOUT THE COMPANY

Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 114 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 15,000 residents.

Contact Carey Hendrickson, Chief Financial Officer, at 972-770-5600 for more information.

FinanceInvestment & Company Informationinterest rate Contact:

Capital Senior Living Corporation

Carey Hendrickson, 1-972-770-5600

Chief Financial Officer

[…]

Fitch Affirms Kentucky Higher Education Student Loan Corp.

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the ratings for the senior notes currently rated ‘AAAsf’ issued by Kentucky Higher Education Student Loan Corporation (KHESLC 2013-1). The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Sufficient Credit Enhancement: CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. As of the most current distribution, reported parity is at 104.85%. Cash can only be released to the issuer when the bonds are paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account currently sized at $1,409,500.

Acceptable Servicing Capabilities: KHESLC is responsible for day-to-day servicing of the trust and Nelnet Servicing LLC is the backup servicer. Fitch believes 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.

Fitch has affirmed the following:

KHESLC series 2013-1 at ‘AAAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (Aug. 4, 2014;

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

A comparison of the transaction’s RW&Es to those of typical RW&Es for student loans is available by accessing the reports and links below:

–‘Kentucky Higher Education Student Loan Corporation, Series 2013-1 – Appendix'(Jan. 28, 2013);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (Oct. 31, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

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

Kentucky Higher Education Student Loan Corporation, Series 2013-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699889

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978609

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 loans Contact:

Fitch Ratings

Primary Analyst

Nicole Edwards

Director

+1 212-908-9114

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-908-9171

or

Media Relations, New York

Sandro Scenga

+1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms College Loan Corp Trust 2005-2

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the College Loan Corporation Trust series 2005-2 senior notes at ‘AAAsf’ and the subordinate notes at ‘A+sf’. The Rating Outlook remains Stable for all the notes.

Key Rating Drivers

High Collateral Quality: The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED). The current U.S. sovereign rating is at ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): CE is provided by excess spread and overcollateralization. Additionally the class A notes benefit from subordination provided by the class B notes. Excess cash may be released from the trust, provided that total parity is at least at 100.25%. As of October 2014, the total and senior parity levels were at 110.83% and 101.81%, respectively. Fitch only gave credit up to its release level.

Adequate Liquidity Support: Liquidity support is provided by a reserve account. The reserve is sized equal to the greater of 0.25% of the current pool balance and $1,968,753 floor. The current reserve balance is at its floor.

Acceptable Servicing Capabilities: Xerox and Great Lakes are servicers of this trust. In Fitch’s opinion, all the servicers 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.

Fitch has taken the following rating actions:

College Loan Corporation Trust Series 2005-2

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

–Class A-4 affirmed at ‘AAAsf’; Outlook Stable;

–Class B affirmed at ‘A+sf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated August 2014;

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

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=948715

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 Ratings Contact:

Fitch Ratings

Primary Analyst

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

33 Whitehall

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, New York, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Access to Loans for Learning Student Loan Corporation Series 2013-I

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the Access to Loans for Learning Student Loan Corporation Series 2013-I senior and subordinate notes at ‘AAAsf’ and ‘Asf’ respectively. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of Federal Family Education Loan Program (FFELP) loans with 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. Fitch’s current U.S. sovereign rating is ‘AAA’ with a Stable Rating Outlook.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. As of September 2014, senior and total parities are 104.53% and 101.79%, respectively. No cash can be released until all notes have been paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve fund sized at the greater of 0.25% of the pool balance and $675,165. The reserve fund is sized at $1,048,924 as of September 2014.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), Great Lakes Education Loan Services Inc., and Xerox Education Services Inc. Fitch considers all servicers to be acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies 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 CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivities further described in the presale report titled ‘ Access to Loans for Learning Student Loan Corporation, Series 2013-I (US ABS)’, dated Dec. 6, 2013.

Fitch has affirmed the following ratings:

Access to Loans for Learning Student Loan Corporation Series 2013-I:

–Class A at ‘AAAsf’; Outlook Stable;

–Class B at ‘Asf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial presale report. Please refer to ‘Access to Loans for Learning Student Loan Corporation, Series 2013-I: Appendix’, published on Dec. 6, 2013 at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

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

–‘Access to Loans for Learning Student Loan Corporation, Series 2013-I (US ABS)’ (Dec. 6, 2013);

–‘Access to Loans for Learning Student Loan Corporation, Series 2013-I: Appendix’ (Dec. 6, 2013);

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

Applicable Criteria and Related Research:

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Access to Loans for Learning Student Loan Corporation, Series 2013-I — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=726037

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=930255

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.

FinanceEducationFitch RatingsStudent Loan Contact:

Fitch Ratings

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Ratings on SLC Private Student Loan Trust 2010-A

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the rating on the Student Loan Corporation (SLC) Private Student Loan Trust 2010-A senior class A note issued by the Student Loan Corporation. The Rating Outlook remains Stable. Fitch’s ‘Global Structured Finance Rating Criteria’ and ‘Private Student Loan Asset-Backed Securities (ABS) Criteria’ were used to review the transaction. The rating action is detailed at the end of this press release.

Adequate Collateral Quality: The trust collateral consists of private student loans originated under Citibank’s CitiAssist private student loan program and underwritten to specific guidelines. SLC and SLC Private Student Loan Trust 2010-A were subsequently purchased by Discover Bank. The program offered CitiAssist undergraduate and graduate, law and bar exam, proprietary, health professions, K-12 and residency, relocation, and review loans. The trust’s current cumulative gross loss is approximately 4.8% of the student loan repayment balance, and Fitch projects the remaining defaults to range between 11% and 13% of the remaining student loan balance. A recovery rate of 25% was used in Fitch’s analysis based upon information provided by SLC.

Sufficient Credit Enhancement: The transaction’s credit enhancement is sufficient for the bonds to withstand the stressed scenarios at Fitch’s ‘AAA’ rating category. Credit enhancement is provided by overcollateralization (OC); the excess of the trust’s asset balance over the bond balance) and excess spread. As of October 15, 2014, the parity ratio (total assets over total liabilities) has been increasing and is currently 248.43%, as the trust’s excess spread continues to increase. Currently, the trust’s OC amount is approximately 59.75% of the adjusted pool balance, which is below the 60% cash release level.

Sufficient Liquidity Support: Liquidity support will be provided by a debt service reserve fund which is equal to 0.25% of the outstanding pool balance.

Satisfactory Servicing Capabilities: SLC / Discover Bank, rated ‘BBB+/F2’ Stable, is the master servicer and administrator of the trust. The subservicer, Discover Products Inc. (DPI), a wholly owned subsidiary of Discover Bank, services the private student loan portfolio on a day-to-day basis. DPI/Discover Bank is rated ‘BBB+/F2’ Outlook Stable by Fitch. Fitch believes DPI provides adequate servicing for private student loans.

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.

Given the most recent surveillance report provided October 15, 2014, the projected lifetime defaults and increase in excess spread for SLC 2010-A has caused the loss coverage multiple to increase which supports the current ratings and Stable Outlook on the notes.

Fitch affirms the rating and maintains a Stable Outlook on the following SLC Private Student Loan Trust 2010-A note:

–Senior class A at ‘AAAsf’; Outlook Stable.

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=925975

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 RatingsDiscover Bank Contact:

Fitch Ratings

Primary Analyst

Jeffrey Prackup

Director

+1 212-908-0839

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-9089171

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

GNPC defends $700m loan

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General News of Tuesday, 11 November 2014

Source: Graphic Online

GNPC defends $700m loan

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The Ghana National Petroleum Corporation (GNPC) has defended its action to secure $700million from the international market to enhance its operations.

In a statement issued in Accra yesterday, the GNPC said the amount would be used to support its increasing oil and gas infrastructure investment and cash requirements from its participating and commercial interests.

Additionally, it said the loan would be used to provide guarantees for the Offshore Cape Three Points (OCTP) contractors for the offtake of natural gas from the field.

According to the corporation, based on the expected outcome of ongoing negotiations, it expected to raise a bank guarantee of about $200 to US$300 million.

Apart from providing guarantees, it explained that the loan would be used to augment its working capital, including oil and gas trading working capital needs.

The move by the GNPC has generated intense debate in Parliament and on media outlets.

While some members of Parliament have contended that the GNPC had erred in securing the loan without seeking parliamentary approval, others believe that the amount would not be used for the intended purpose.

Confirming that it was securing the $700million, the statement explained that the tenure of the loan would be five years with an interest of 4.43 per cent.

Justifying its action to secure the loan, the GNPC said the corporation could not continue to fund its operation from its resources on a sustainable basis given the national consensus for increased national participation in the industry.

Within 15 years funds from the public sources for GNPC capitalisation would cease and, therefore, it was prudent for the corporation to build up capital for its growth. This is normal commercial practice. No serious company lives from year- to- year (hand to mouth),” it stated.

Explaining further the rationale behind the loan facility, the GNPC said it was in negotiations with the Offshore Cape Three Points (OCTP) partners to pay for the pipeline and receiving facility in the OCTP (Sankofa-GyeNyame field) gas development project to enable a lower gas price to Ghanaian consumers.

That investment, it said, would amount to $493 million. This will save the country from paying 22 per cent interest if the partners were to pay for that investment.

Furthermore, the statement said GNPC had an immediate requirement of US$105 million to pay as part of natural gas price negotiated with the OCTP partners.

The effect of such measures, it explained, was to lower gas prices paid by Ghana to the OCTP partners and thus reduce electricity costs to Ghanaians.

Again, the statement said the GNPC had a commitment to pay $36 million, being 40 per cent of the pipeline cost to connect TEN gas to the Jubilee FPSO.

“This is necessary to send the TEN Field gas to the Ghana National Gas Company (Ghana Gas) for processing. This will save the country from paying 15 per cent interest if the partners were to pay for this investment.

“The facility was not for undertaking exploration. Nobody borrows to finance exploration. However, there are ongoing development costs,” it said.

On the vexed question of whether or not the GNPC needed a parliamentary approval to secure a loan, the statement explained that approvals required for GNPC borrowing, in line with Section (15) of Ghana National Petroleum Corporation Act, 1983 (PNDC Law 64) included approval by the Minister of Finance upon recommendation by the Minister of Energy and Petroleum.

According to the statement, the GNPC secured the approval from the Minister of Finance upon recommendation by the Minister for Energy and Petroleum.

It categorically stated that “GNPC does not require parliamentary approval to borrow. GNPC sought and secured a legal opinion from the Attorney General as well to this effect.”

The statement refuted any claims that the GNPC was using Ghana’s oil as collateral for the loan

Rather, it explained the GNPC was only using its share of oil revenue, as provided for by the Petroleum Revenue Management Act (PRMA), to secure the loan.

It said the government’s share was not included at all in the effort to borrow money.

On how competitive the process was, the statement said the GNPC embarked on a competitive process in March 2014, to raise $500million to $700 from the international financial market and that the process followed was in line with the GNPC Law 64.

According to the statement, the GNPC was investing $54million to increase its stake in the Deepwater Tano Cape Three Points block in which together with Hess it had made seven discoveries.

It said about $15billion to $20 billion was expected to be invested within the decade to appraise and develop new discoveries as the industry was growing in size and was expected to reach $20billion by 2015 and $60billion by 2022.

“GNPC is repositioning itself to take commercial leadership in the industry, to become local content enabler,” it said.

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ACE Cash Express Joins the Green Dot Reload Network, Adding 1,500 Locations

PASADENA, Calif.–(BUSINESS WIRE)–

ACE Cash Express, Inc. (ACE) and Green Dot Corporation (GDOT) have signed a distribution agreement, making ACE an authorized retailer for the Green Dot Reload Network. Beginning this month, any cardholder with a Green Dot Network-enabled prepaid card can now reload cash to their card at any of ACE’s 1,500 locations in 35 states and the District of Columbia. Additionally, in 2015, Green Dot will begin selling other Green Dot-branded products at ACE locations.

Green Dot owns and operates the nation’s largest reload network. More than 200 programs representing millions of cardholders utilize Green Dot’s network for reload services through approximately 100,000 retail locations nationwide. Green Dot’s recent expansion into leading financial services center (FSC) retailers throughout the U.S. has met with strong retailer and consumer demand. In just the past twelve months, Green Dot has gone from no distribution in this important customer channel to now, with the addition of ACE, nearly 3,000 FSC locations coast to coast selling its products and services.

About ACE Cash Express

ACE Cash Express, Inc. is a leading retailer of financial services, including payday loans, installment loans, title loans, check cashing, bill payment, wire transfer, money orders and prepaid debit card services. ACE is the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services. For additional information about ACE Cash Express, visit www.acecashexpress.com.

ACE Cash Express on Twitter and ACE Cash Express on Facebook

About Green Dot Corporation

Green Dot Corporation and its wholly owned subsidiary bank, Green Dot Bank, are focused exclusively on serving Low and Moderate Income American families with modern, fair and feature-rich financial products and services, including prepaid cards, checking accounts and cash processing services distributed through a network of some 100,000 retail stores, neighborhood financial service centers and via digital channels. The Company is headquartered in Pasadena, California with Green Dot Bank located in Provo, Utah.

Green Dot Corporation Contact:

Investor Relations

Green Dot Corporation

Christopher Mammone, 626-765-2427

IR@greendot.com

or

Media Relations

ICR for Green Dot Corporation

Brian Ruby, 203-682-8268

PR@greendot.com

or

ACE Cash Express

Victoria Daugherty, 972-550-5161

Communication Manager

vdaugherty@acecashexpress.com […]

Infineon completes syndication of â¬1.55 billion loan facilities for International Rectifier acquisition

Infineon Technologies AG announced that it has successfully fully syndicated its €1.55 billion committed acquisition loan facilities. Proceeds from the loan facilities, together with cash-on-hand will be used to fund the acquisition of International Rectifier Corporation.

“The significant oversubscription by a diversified syndicate of banks, as well as the long term loan commitment reflect the trust of the banks in the prospects of Infineon and this important acquisition,” says Dominik Asam, chief financial officer of Infineon Technologies AG.

The €800 million and $934 million facilities, which were underwritten by Bank of America Merrill Lynch International and Citibank, London Branch have terms of up to two years and five years respectively. The acquisition of International Rectifier, which was announced on August 20, 2014, is expected to close late in the calendar year 2014 or early in the calendar year 2015.

The loan facilities were syndicated among 13 domestic and international banks. Bank of America Merrill Lynch International Limited and Citigroup Global Markets Limited acted as coordinators and bookrunners on the transaction, which was substantially oversubscribed, thus leading to a corresponding scale-back of the bank commitments.

The syndication of the acquisition loan facilities is Infineon’s largest to date, its first in ten years and establishes the company’s future group of core-banks.

Share this story

CS International 2015 will provide timely, comprehensive coverage of every important sector within the compound semiconductor industry.

The fifth CS International conference will build on the success of its predecessors, with industry-leading insiders delivering more than 30 presentations spanning six sectors.

Together, these talks will detail breakthroughs in device technology; offer insights into the current status and the evolution of compound semiconductor devices; and provide details of advances in tools and processes that will help to drive up fab yields and throughputs.

Attendees at this two-day conference will gain an up-to-date overview of the status of the CS industry, and have many opportunities to meet many other key players within this community.

[…]

Infineon completes syndication of EUR 1.55 billion loan facilities for International Rectifier acquisition

Infineon Technologies AG announced that it has successfully fully syndicated its €1.55 billion committed acquisition loan facilities. Proceeds from the loan facilities, together with cash-on-hand will be used to fund the acquisition of International Rectifier Corporation.

“The significant oversubscription by a diversified syndicate of banks, as well as the long term loan commitment reflect the trust of the banks in the prospects of Infineon and this important acquisition,” says Dominik Asam, chief financial officer of Infineon Technologies AG.

The €800 million and $934 million facilities, which were underwritten by Bank of America Merrill Lynch International and Citibank, London Branch have terms of up to two years and five years respectively. The acquisition of International Rectifier, which was announced on August 20, 2014, is expected to close late in the calendar year 2014 or early in the calendar year 2015.

The loan facilities were syndicated among 13 domestic and international banks. Bank of America Merrill Lynch International Limited and Citigroup Global Markets Limited acted as coordinators and bookrunners on the transaction, which was substantially oversubscribed, thus leading to a corresponding scale-back of the bank commitments.

The syndication of the acquisition loan facilities is Infineon’s largest to date, its first in ten years and establishes the company’s future group of core-banks.

Share this story

CS International 2015 will provide timely, comprehensive coverage of every important sector within the compound semiconductor industry.

The fifth CS International conference will build on the success of its predecessors, with industry-leading insiders delivering more than 30 presentations spanning six sectors.

Together, these talks will detail breakthroughs in device technology; offer insights into the current status and the evolution of compound semiconductor devices; and provide details of advances in tools and processes that will help to drive up fab yields and throughputs.

Attendees at this two-day conference will gain an up-to-date overview of the status of the CS industry, and have many opportunities to meet many other key players within this community.

[…]