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Fitch Affirms Kentucky Higher Education Student Loan Corp 2010 Trust

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the class A-2 bond issued by Kentucky Higher Education Student Loan Corp 2010 Trust at ‘AAAsf’. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% 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. The current U.S. sovereign rating is ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement: Credit Enhancement (CE) is provided by overcollateralization (OC) and future excess spread. As of September 2014, total parity is 110% (9.09% CE). The trust is releasing cash as long as the specified OC (110% total parity) is maintained.

Adequate Liquidity Support: Liquidity support for the note is provided by a reserve account (0.25% of pool balance or $350,000).

Acceptable Servicing Capabilities: Kentucky Higher Education Student Loan Corp (KHESLC) is responsible for servicing the trust. Fitch believes KHESLC 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 CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating action:

Kentucky Higher Education Student Loan Corp 2010 Trust:

–Class A-2 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’ (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

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=979160

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

Paul Jiang

Analyst

+1-212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Kevin Corrigan

Senior Director

+1-212-908-9156

or

Media Relations:

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

Email:

sandro.scenga@fitchratings.com […]

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 […]

Bill Limiting 'Payday Loan' Rates Pre-Filed in Kentucky General …

State Sen. Reggie Thomas (D-Lexington) has pre-filed a bill for the 2015 Kentucky General Assembly that would limit the amount of interest charged by payday lenders and gradually lower borrowers’ rates based on the size of the loan.

If passed, it would be the first successful regulation of payday loan interest rates in Kentucky. Currently, payday lenders can charge up to 391 percent annual interest on the loans’ original amount.

In a 2012 report, the Pew Charitable Trusts identified Kentucky as one of 27 states that does not cap how much annual interest payday lenders can charge.

[…]

Fitch Affirms Kentucky Infrastructure Auth.'s SRF Bonds at 'AAA'; Outlook Stable

AUSTIN, Texas–(BUSINESS WIRE)–

Fitch Ratings affirms the following bonds issued by the Kentucky Infrastructure Authority (KIA) at ‘AAA’:

–Approximately $278.9 million wastewater and drinking water revolving fund revenue bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by pledged loan repayments, pledged funds and accounts, and investment earnings on such funds and accounts.

KEY RATING DRIVERS

STRONG FINANCIAL STRUCTURE: Fitch’s cash flow modeling demonstrates that the program can continue to pay bond debt service even with loan defaults in excess of Fitch’s ‘AAA’ liability rating stress hurdle, as produced using Fitch’s Portfolio Stress Calculator (PSC).

SOLID BORROWER POOL: Approximately 59% of KIA’s state revolving fund (SRF) loan pool consists of borrowers exhibiting investment-grade ratings. Loan security is very strong as borrowers are secured by net utility system revenue pledges.

SOMEWHAT ELEVATED POOL CONCENTRATION: The loan portfolio has slightly above-average borrower concentration, with the top 10 borrowers representing approximately 57% of the loan pool. At 17% of the total pool, Sanitation District No.1 is the largest borrower.

EFFECTIVE PROGRAM MANAGEMENT: KIA’s SRF program serves many small cities and towns which are exposed to risks associated with limited economic diversity. As a result, a limited number of KIA’s borrowers have experienced payment hardships. Management has effectively worked with such borrowers to prevent permanent program defaults.

RATING SENSITIVITIES

REDUCTION IN MODELED STRESS CUSHION: Significant deterioration in aggregate borrower credit quality, increased pool concentration or increased leveraging resulting in the program’s inability to pass Fitch’s ‘AAA’ liability rating stress hurdle would put downward pressure on the rating. The Stable Rating Outlook reflects Fitch’s view that these events are unlikely to occur.

CREDIT PROFILE

KIA provides financing to certain governmental entities within the state for eligible clean water and drinking water SRF infrastructure projects. Bond proceeds are combined with federal grants and a state matching requirement to provide loans for such projects. KIA’s SRF program bondholders are primarily protected from losses by pledged loan repayments made in excess of bond debt service.

FINANCIAL STRUCTURE EXHIBITS STRONG DEFAULT TOLERANCE

Due to the program’s available enhancement, cash flow modeling demonstrates that the program can continue to pay bond debt service even with hypothetical loan defaults of 85% in the first four years of the program’s life and 100% over the middle and last four years (per Fitch criteria, a 90% recovery is applied when determining default tolerance). This is in excess of Fitch’s ‘AAA’ liability rating stress hurdle of 39% as produced by the PSC. The liability stress hurdle is calculated based on overall pool credit quality as measured by the rating of underlying borrowers, size, loan term, and concentration.

Fitch calculates the pool program’s asset strength ratio (PASR), which includes total scheduled pledged loan repayments divided by total scheduled bond debt service, to be very strong at approximately 3.0x. This compares favorably to Fitch’s SRF portfolio ‘AAA’ median PASR of 1.6x. In addition, minimum annual debt service coverage (DSC) is also robust at 2.5x.

SOLID BORROWER POOL WITH ABOVE-AVERAGE CONCENTRATION

Fitch estimates that approximately 59% of program participants exhibit investment-grade credit quality. In aggregate, pool credit quality is slightly worse than similar municipal pools, as reflected by a ‘AAA’ PSC liability rating stress hurdle of 39%, which is higher than Fitch’s median of 33% (lower liability stresses correlate to stronger credit quality). Underlying loan security is very good with all loans secured by water and/or wastewater system revenue pledges.

The pool program consists of 161 borrowers, the top 10 of which comprise approximately 57% of outstanding loan obligations. Consistent with Fitch’s last review, Sanitation District No.1 (not rated by Fitch but assessed to be of very strong credit quality) remains the largest borrower, representing 17% of outstanding pool loan principal. The remaining top 10 borrowers range in size from 2.6% to 6.5% of the total pool. Concentration is somewhat above average.

Fitch notes that the program’s default tolerance results and pool composition are mostly in line with observations at Fitch’s rating in July 2012.

ENHANCEMENT PROVIDED PRIMARILY BY OVERCOLLATERALIZATION

KIA’s SRF utilizes a cash-flow structure, wherein program bonds are primarily protected from losses by overcollateralization, or surplus loan repayments made in excess of bond debt service. Additional enhancement is provided from the program’s $290.3 million in available surplus funds. While not legally pledged, these resources would likely be used if available and needed to meet payment deficiencies. Incorporation of KIA’s unpledged surplus funds into Fitch’s cash flow model results in a 100% default tolerance in all stress scenarios.

CROSS-COLLATERALIZATION PROVIDES ADDITIONAL PROTECTION

In the event that drinking water revenues are insufficient to cover debt service on the outstanding drinking water obligations, then wastewater revenues will be used to make up the deficiency to the extent that wastewater revenues exceed the debt service on its own obligations for that interest payment date and vice versa. Because of this cross-collateralization, Fitch combines both pools in its modeling analyses.

EFFECTIVE PROGRAM MANAGEMENT AND OVERSIGHT

The authority maintains effective loan underwriting policies consisting of review of historical audited financial statements, cash flow projections, and rate affordability. Monitoring procedures include annual review of audited financial statements.

The program has never experienced a permanent loan default but has had a limited number of stressed borrowers. This is likely due to the below-average socioeconomic makeup of portions of the state and, in particular, the fact that many of the smaller borrowers are exposed to risks associated with limited economic diversity. Currently, one borrower representing less than 1% of total pool principal is experiencing a payment hardship and is expected to be removed from the pledged pool.

Unlike most SRF programs, the General Assembly of Kentucky, which established the authority, has authorized KIA to directly impose service charges on any borrowers pursuant to its loan agreement and adjust and increase such service charges, if necessary. Under certain circumstances, an increase in service charges may be subject to approval by the Public Service Commission of Kentucky.

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

Applicable Criteria and Related Research:

–‘State Revolving Fund and Leveraged Municipal Loan Pool Criteria’ (April 28, 2014);

–‘State Revolving Fund and Leveraged Municipal Loan Pool 2013 Peer Review’ (Oct 31, 2013);

–‘Revenue-Supported Rating Criteria’ (June 16, 2014).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750012

State Revolving Fund and Leveraged Municipal Loan Pool Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746076

State Revolving Fund and Leveraged Municipal Loan Pool (2013 Peer Review)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=719991

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839441

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.

BondsSecurity Upgrades & DowngradesFitch Ratings Contact:

Fitch Ratings

Primary Analyst:

Major Parkhurst, +1-512-215-3724

Director

Fitch Ratings, Inc.

111 Congress Avenue

Austin, TX 78701

or

Secondary Analyst:

Adrienne Booker, +1-312-368-5471

Senior Director

or

Committee Chairperson

Doug Scott, +1-512-215-3735

Managing Director

or

Elizabeth Fogerty, +1-212-908-0526

Media Relations, New York

elizabeth.fogerty@fitchratings.com […]

Poage Bankshares, Inc. Reports Final Merger Consideration For Town Square Financial Corporation Shareholders

ASHLAND, Ky., March 25, 2014 /PRNewswire/ — Poage Bankshares, Inc. (PBSK) (the “Company”), the holding company for Home Federal Savings and Loan Association (“Home Federal”), today announced the cash/stock election results for its acquisition of Town Square Financial Corporation (“Town Square”) and Town Square Bank on March 18, 2014.

Under the terms of the merger agreement, 55% of the outstanding shares of Town Square common stock must be converted into Company common stock and the remaining 45% of the outstanding shares of Town Square common stock must be converted into cash. A shareholder cash/stock election was conducted and completed on March 18, 2014 wherein Town Square shareholders were provided the opportunity to select their preferred form of consideration, subject to the allocation and proration procedures contained in the merger agreement and the total mix of cash/stock merger consideration available. Town Square shareholder cash elections exceeded the 45% limitation established in the merger agreement. Consequently, Town Square shareholders electing to receive cash were subject to the allocation and proration procedures and are receiving a portion of their merger consideration in Poage common stock and in cash as noted below.

Based on the final election results and applying the proration provisions set forth in the merger agreement, Town Square shareholders will receive the following based upon their election:

Town Square shareholders will receive 2.3289 shares of Poage common stock for each share of Town Square common stock for which they made a valid stock election; Town Square shareholders will receive approximately 0.23289 shares of Poage common stock and $30.47 in cash for each share of Town Square common stock for which they made a valid cash election; and Town Square shareholders who expressed no preference as to cash or stock consideration or who did not make a valid election will receive 2.3289 shares of Poage common stock for each share of Town Square common stock tendered.

Under the merger agreement, fractional shares of Poage common stock will not be issued. Instead, Town Square shareholders will receive cash in lieu of fractional shares based on the average closing price of Poage common stock of $14.0517 for the five consecutive trading days immediately preceding the closing date of March 18, 2014.

On or about March 26, 2014, the Company’s exchange agent will distribute on the cash consideration and a confirmation of the number of shares of Company common stock owned by former shareholders of record of Town Square common stock to such shareholders. Questions about the distribution of merger consideration should be addressed to the Company’s exchange agent, Registrar and Transfer Company, at 1-800-368-5948.

About Poage Bankshares, Inc.

Poage Bankshares, Inc. is the savings and loan holding company for Home Federal Savings and Loan Association (the “Association”). The Association, originally chartered in 1889 and headquartered in Ashland, Kentucky, conducts its operations from 10 full-service banking offices located in Ashland, Flatwoods, South Shore, Louisa, Greenup, Nicholasville, and Catlettsburg, Kentucky.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms, variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products, and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not assume any duty to update forward-looking statements.

Contact: Amanda Gillum
(606) 324-2914

[…]

Fitch Maintains Kentucky Higher Ed Student Loan Corp 2010 Trust, 2010-1 Sr. Notes on Negative Watch

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Negative Rating Watch on the senior notes currently rated ‘AAAsf’ issued by Kentucky Higher Education Student Loan Corp 2010 Trust, series 2010-1.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) student loans. The credit quality of the trust 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.

Rating Watch Maintained: All existing and new issuances of ‘AAAsf’ rated tranches of FFELP securitizations are on Rating Watch Negative following the revision of the long-term foreign and local currency Issuer Default Ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Credit enhancement is provided by overcollateralization and excess spread. Parity for the class A notes is at 110.75% as of Sept. 30, 2013. The trust contains a cash release at a 110% parity level.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account with a required amount of the greater of 0.25% and $350,000. The reserve account is currently at $354,913.

Acceptable Servicing Capabilities: Kentucky Higher Education Student Loan Corp (KHESLC) is responsible for servicing the trust. Fitch believes KHESLC 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 taken the following rating actions:

Kentucky Higher Education Student Loan Corp 2010 Trust, Series 2010-1:

–Class A-1 at ‘AAAsf’; Rating Watch Negative maintained;

–Class A-2 at ‘AAAsf’; Rating Watch Negative maintained.

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

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated May 24, 2013;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated May 17, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821014

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

Autumn Mascio, +1-212-908-0896

Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Tracy Wan, +1-212-908-9171

Senior Director

or

Media Relations

Elizabeth Fogerty, New York, +1-212-908-0526

elizabeth.fogerty@fitchratings.com […]

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Xinergy Announces Results for First Quarter 2013

KNOXVILLE, TENNESSEE–(Marketwired – May 14, 2013) –

First quarter 2013 revenue and adjusted EBITDA of $4.1 million and $(3.6) million, respectively Operating efficiencies at South Fork beginning to take hold, with cash costs trending towards low $120s/ton on limited production; Construction of preparation plant, rail load-out and rail rehabilitation on budget during the first quarter, with project completion anticipated by end of the second quarter of 2013; Divested Kentucky thermal operations for gross proceeds of $47.2 million as Xinergy continues to focus on its strategy of building out a high-quality, metallurgical coal portfolio; Total liquidity at March 31 of $37.4 million (excluding $29.4 million in restricted cash); and Investor Day at South Fork scheduled for July 10, 2013

Xinergy Ltd. (XRG.TO), a Central Appalachian coal producer, today announced that it had a net loss of $(1.9) million, or $(0.03) per diluted share for the first quarter ended March 31, 2013. This is compared with net income of $1.7 million, or $0.03 per diluted share for the first quarter ended March 31, 2012. Adjusting for an $11.0 million one-time gain on the sale of our Kentucky operations during the first quarter of 2013, as well as an $18.9 million one-time gain on contract settlements realized during the first quarter of 2012, our adjusted net loss for the first quarter of 2013 would have been $12.9 million as compared to an adjusted net loss of $17.2 million for the first quarter of 2012. First quarter 2013 adjusted EBITDA was $(3.6) million compared with $(3.7) million for the first quarter 2012. The Company’s Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2013, together with its Management’s Discuss and Analysis (“MD&A”) for the corresponding period, have been posted on SEDAR at www.sedar.com and on the Company’s website at www.xinergycorp.com.

“Against a backdrop of continuing broader market weakness, Xinergy made substantial progress during the first quarter towards moving our world-class South Fork project closer to completion, while maintaining a disciplined approach towards cost containment and balance sheet liquidity,” said Matt Goldfarb, Xinergy’s Chief Executive Officer. “With South Fork anticipated to ramp production this summer, we are very pleased with unit cost trends realized late in the first quarter and early in the second quarter. Although we remain cautious on the met coal market in the short term due to weak global steel demand and steel mill overcapacity, we see production curtailments by coal producers continuing on a global basis until a more rational pricing environment prevails. We anticipate that more balanced met coal market conditions will present opportunities for outsized returns for premium quality assets over the medium term, and are positioning our assets accordingly.”

Financial Overview

The following tables present selected balance sheet, statement of operations and coal production and sales data as of March 31, 2013 and December 31, 2012 and for the three months ended March 31, 2013 and 2012.

As of As of March 31 December 31 ($’000) 2013 2012 Balance Sheet Cash and cash equivalents $ 27,634 $ 32,325 Total current assets $ 66,043 $ 50,723 Total assets $ 178,516 $ 188,772 Total current liabilities $ 20,650 $ 20,797 Total long-term liabilities $ 221,280 $ 229,786 Shareholders’ equity $ (63,414 ) $ (61,811 )
($’000, except per share) Three months ended
March 31, 2013
Three months ended
March 31, 2012
Statement of Operations Coal revenues $ 4,086 $ 29,946 Cost of coal sales $ 5,930 $ 30,507 Gross margin $ (1,844 ) $ (561 ) (Loss) income before taxes $ (1,905 ) $ 2,372 Net (loss) income $ (1,905 ) $ 1,690 Basic and diluted net income (loss) per share $ (0.03 ) $ 0.03
Sales & Operating Statistics Three months ended
March 31, 2013

Three months ended
March 31, 2012
Tons sold 59,956 425,697 Tons produced 51,152 380,173 Sales price/ton $ 68.16 $ 70.35 COGS/ton sold $ 98.90 $ 71.66 Gross margin/ton sold $ (30.74 ) $ (1.31 ) Cash costs/ton produced $ 108.07 $ 66.99

Liquidity and Capital Resources

As of March 31, 2013, we had total cash and cash equivalents (excluding restricted cash) of $27.6 million, compared with $32.3 million at December 31, 2012. As of March 31, 2013 the Company’s liquidity profile is as follows:

Cash $ 27.6 million Term Loan B Commitment $ 9.8 million Liquidity $ 37.4 million Restricted Cash $ 39.2 million

Investor Day at South Fork

Xinergy will hold an investor day at its South Fork facility in Greenbrier County, West Virginia on Wednesday, July 10th. Space will be limited, and details will follow as the date approaches. The day’s planned events include a tour of the preparation plant and rail load-out facility, as well as an opportunity for investors to engage Xinergy’s senior management team in a discussion and question-and-answer session.

Conference Call, Webcast and Replay

The Company will hold its quarterly conference call to discuss first quarter 2013 operating results on Wednesday May 15, 2013 at 10:00 a.m. EDT. The conference call will be open to the public toll free at (877) 317-6789. International callers should use (412) 317-6789, and Canadian callers should use (866) 605-3852. The conference call can also be accessed via webcast on the Company’s website with a replay available shortly after the event.

About Xinergy Ltd.

Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies. For more information, please visit www.xinergycorp.com.

Contact:

Xinergy Ltd.

Matt Goldfarb

Chief Executive Officer

Xinergy Ltd.

Michael R. Castle

Chief Financial Officer

865-474-7000

www.xinergycorp.com […]

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