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Fitch Affirms SLM 2007-7 and SLM 2014-2 Trusts

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed at ‘AAAsf’ the senior notes issued by SLM Student Loan Trust 2007-7 and SLM Student Loan Trust 2014-2. In addition, Fitch affirms the subordinate notes for both trusts. The Rating Outlook remains Stable for both classes.

Under certain stress scenarios, SLM Student Loan Trust 2007-7’s class A-3 note misses its legal final maturity on April 25, 2017 based on Fitch’s cash flow runs. In such scenarios, this could result in a technical default where the note misses its maturity date although Fitch would expect ultimate repayment of full principal and interest shortly thereafter. Also, recent servicing agreement amendments dated Jan. 22, 2015 allow Navient Solutions (Navient) to make optional purchase up to 10% of the initial pool balance, which if exercised would help meet the maturity date.

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 (CE): While both the senior and subordinate notes will benefit from overcollateralization (OC) and future excess spread, the senior notes also benefit from subordination provided by the class B note. As of December 2014, total parity is 100% and senior parity is 107.72% (7.16% CE) for SLM 2007-7; 101.01% (1% CE) and 104.15% (3.98% CE) for SLM 2014-2. Cash will be released from both trusts given that the specified OC amount is maintained. For SLM 2007-7, the target is 100% total parity; for SLM 2014-2 the target is the greater of 1% of the adjusted pool balance or $1.25 million.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account. The reserve for SLM 2007-7 is sized equal to the greater of 0.25% of the pool balance and $1,951,617; for SLM 2014-2, the reserve is sized equal to the greater of 0.50% of the pool balance and $995,345. On or after the April 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the pool balance and $995,345.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), as servicer, will be responsible for servicing both trusts. Fitch has reviewed the servicing operations of Navient Solutions and believes it to be 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.

A comparison of the transaction’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2007-7:

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

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

–Class B affirmed at ‘Asf’; Outlook Stable.

SLM Student Loan Trust 2014-2:

–Class A-1 affirmed at ‘AAAsf’; Outlook Stable;

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

–Class A-3 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’ (May 20, 2014);

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

–‘SLM Student Loan Trust 2014-2 — Appendix’ (Mar. 17, 2014);

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

–‘Fitch Comments on SLM Omnibus Amendment to Servicing Agreements’ (Jan. 22, 2015).

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

SLM Student Loan Trust 2014-2 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=741220

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=981234

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.

FinanceInvestment & Company InformationFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Paul Jiang

Associate Director

+1 212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

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 Upgrades 7 Classes of Wachovia CRE CDO 2006-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has upgraded seven classes of Wachovia CRE CDO 2006-1, Ltd. (Wachovia CRE CDO 2006-1). Fitch’s performance expectation incorporates prospective views regarding commercial real estate market value and cash flow declines. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The upgrades reflect the significant delevering of the capital structure and Fitch’s better than average base case expected loss of 6.2% for the CDO. Since the last rating action, classes A though G have paid in full from the disposal of 19 loan or CMBS interests as well as asset amortization. There were no realized losses over the same period as all assets were removed or paid off at or above par. Further, in August 2014, the asset manager surrendered portions of classes B through N for cancellation. Between built par and the surrendered notes, the CDO is significantly over collateralized by $166 million, as of the Feb 2015 trustee report.

As of February 2015, CDO collateral consisted of the following: whole loans/A-notes (82%), CMBS (3.6%), and cash (14.4%). The approximately $40 million in principal proceeds are expected to be used to further pay down classes H through K.

The CDO collateral continues to become more concentrated. There are interests in approximately 14 different assets contributed to the CDO. The current combined percentage of defaulted assets and Loans of Concern is 38%.

Under Fitch’s methodology, approximately 68.1% of the portfolio is modeled to default in the base case stress scenario, defined as the ‘B’ stress. Modeled recoveries are well above average due to the, generally, stabilized nature of the collateral and the senior position of the majority of the debt.

The largest contributor to base case loss is a whole loan (20.6% of the pool) secured by a 402,000 sf retail center located in Glen Mills, PA. As of 9/30/14, occupancy was 96.7%. The largest tenants are Home Depot through 2033 and Marshalls through 2018. The loan, which matures on March 31, 2015, is over leveraged and Fitch modeled a loss in its base case scenario.

This transaction was analyzed according to the ‘Surveillance Criteria for U.S. CREL CDOs’, which applies stresses to property cash flows and debt service coverage ratio tests to project future default levels for the underlying portfolio. Recoveries are based on stressed cash flows and Fitch’s long-term capitalization rates. The default levels were then compared to the breakeven levels generated by Fitch’s cash flow model of the CDO under the various defaults timing and interest rate stress scenarios as described in the report ‘Global Rating Criteria for Structured Finance CDOs’. The breakeven rates for classes H through O pass the cash flow model at or above the ratings listed below. Upgrades to classes M though O were limited due to the increasing concentration of the portfolio.

The Stable Outlooks generally the significant credit enhancement to the classes and positive cushion in the modeling.

RATING SENSITIVITIES

If the collateral continues to repay at or near par, classes may be upgraded further.

Wachovia CRE CDO 2006-1 is a CRE CDO managed by Structured Asset Investors, LLC with Wells Fargo Bank, N.A., successor-by-merger to Wachovia Bank, N.A., as sub-advisor. The CDO exited its reinvestment period in September 2011.

Fitch upgrades the following classes as indicated:

–$15 million class H notes to ‘AAAsf’ from ‘Asf’; Outlook Stable;

–$13 million class J notes to ‘AAAsf’ from ‘BBBsf’; Outlook Stable;

–$10.95 million class K notes to ‘AAAsf’ from ‘BBBsf’; Outlook Stable;

–$5 million class L notes to ‘AAAsf’ from ‘BBBsf’; Outlook Stable;

–$21.75 million class M notes to ‘Asf’ from ‘BBsf’; Outlook Stable;

–$6.9 million class N notes to ‘Asf’ from ‘Bsf’; Outlook Stable;

–$6.5 million class O notes to ‘Asf’ from ‘Bsf’; Outlook Stable.

Classes A through G have paid in full. The preferred shares are not rated.

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

Applicable Criteria and Related Research:

–‘Surveillance Criteria for U.S. CREL CDOs’ (November 2014);

–‘Global Rating Criteria for Structured Finance CDOs’ (July 2014);

–‘Global Structured Finance Rating Criteria’ (August 2014).

Applicable Criteria and Related Research:

Surveillance Criteria for U.S. CREL CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=811268

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981153

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.

Investment & Company InformationFinanceFitch RatingsCDO Contact:

Fitch Ratings

Primary Surveillance Analyst

Stacey McGovern

Director

+1-212-908-0722

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Mary MacNeill

Managing Director

+1-212-908-0785

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Assigns Final Ratings to Citigroup Mortgage Loan Trust 2015-2

NEW YORK–(BUSINESS WIRE)–

Link to Fitch Ratings’ Report: Citigroup Mortgage Loan Trust 2015-2 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863049

Fitch Ratings has assigned the following ratings and Outlooks to two groups in Citigroup Mortgage Loan Trust 2015-2:

Group 1 Securities

–$75,728,000 class 1A1 ‘BBBsf’; Outlook Stable;

–$77,368,033 initial exchangeable class 1A2 not rated;

–$9,678,000 subsequent exchangeable class 1A3 ‘BBsf’; Outlook Stable;

–$9,072,000 subsequent exchangeable class 1A4 ‘Bsf’; Outlook Stable;

–$58,618,033 subsequent exchangeable class 1A5 not rated;

–$18,750,000 subsequent exchangeable class 1A6 ‘Bsf’; Outlook Stable;

–$43,964,000 subsequent exchangeable class 1A7 not rated;

–$14,654,033 subsequent exchangeable class 1A8 not rated.

Group 2 Securities

–$26,758,000 class 2A1 ‘BBBsf’; Outlook Stable;

–$12,569,031 class 2A2 not rated.

CMLTI 2015-2 is comprised of five groups. Fitch is rating five bonds from two of the groups. Two of the rated classes are the most senior tranche while the other three are subsequent exchangeable securities from group 1. Each group is a resecuritization of an ownership interest in a residential mortgage-backed security. As a resecuritization, the securities will receive their cash-flow from the underlying security. The Fitch-rated groups are collateralized with a senior class from Alt-A transactions issued from 2006 to 2007. Collateral performance has shown improvement over the past few years. The underlying pools have exhibited significant declines in the percentage of loans seriously delinquent. Also, the percentage of loans transitioning from current to delinquent has slowed as well.

For the Fitch rated groups, interest is paid pro-rata and principal is paid sequentially. Realized losses are applied reverse sequentially.

KEY RATING DRIVERS

Key rating drivers include the performance of the underlying pool as well as the collateral characteristics, such as sustainable loan-to-value ratio (sLTV), credit score and geographic concentration. For the Fitch rated groups, Fitch ran various prepayment speeds and loss timing scenarios in its analysis of the deal structure. This analysis was done to determine that the cash flow to the Fitch rated bonds would not be exposed to losses as a result of potential alternative cash flow timing stress scenarios.

Based on the collateral composition of the Group 1 underlying pool, Fitch assumed a base-case scenario expected loss (XL) of 34%. In the rating stress scenarios, Fitch assumed a ‘BBBsf’ XL of 51.33%, a ‘BBsf’ XL of 45.53% and a ‘Bsf’ XL of 40.13. Fitch ran these loss assumptions through 12 different interest rate, prepayment and timing scenarios and used the most conservative value to determine the required credit enhancement (CE). The required CE to support a ‘BBBsf’ rating is 50.54%, a ‘BBsf’ rating is 44.21% and a ‘Bsf’ rating is 38.29%. The lower CE compared to the XL is due to the underlying deal structure, which allows for excess spread.

Based on the collateral composition of the Group 2 underlying pool, Fitch assumed a base-case scenario XL of 20%. In the rating stress scenarios, Fitch assumed a ‘BBBsf’ XL of 33.8%. Fitch increased the model-expected loss severity on liquidated loans by 10% at each rating scenario to better reflect recent loss severity trends. Fitch ran the loss assumptions through 12 different interest rate, prepayment and timing scenarios and used the most conservative value to determine the required credit enhancement (CE). The required CE to support a ‘BBBsf’ rating is 31.96%. The lower CE compared to the XL is due to the underlying class, which still had roughly 3.5% of CE.

Fitch is assigning the ratings based on underlying pool collateral composition, the results of its cashflow analysis, review of final structure and supporting deal documents.

RATING SENSITIVITIES

Fitch analyzes each bond in a number of different scenarios to determine the likelihood of full principal recovery and timely interest. The scenario analysis incorporates various combinations of the following stressed assumptions: mortgage loss, loss timing, interest rates, prepayments, servicer advancing and loan modifications.

The analysis includes rating stress scenarios from ‘CCCsf’ to ‘AAAsf’. The ‘CCCsf’ scenario is intended to be the most likely base-case scenario. Rating scenarios above ‘CCCsf’ are increasingly more stressful and less likely outcomes. Although many variables are adjusted in the stress scenarios, the primary driver of the loss scenarios is the home price forecast assumption. In the ‘Bsf’ scenario, Fitch assumes home prices decline 10% below their long-term sustainable level. The home price decline assumption is increased by 5% at each higher rating category up to a 35% decline in the ‘AAAsf’ scenario.

The group-to-bond association for the Fitch-rated groups are as follows:

–Group 1 represents a 100% interest in the Lehman XS Trust, Series 2007-7N class 2A1A;

–Group 2 represents a 20.70% interest in the Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR15 Trust Class 1A.

Additional information is available in the ‘Citigroup Mortgage Loan Trust 2015-2 Representations and Warranties Appendix, published Feb. 27 and available at ‘www.fitchratings.com‘.

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

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 2014);

–‘U.S. RMBS Master Rating Criteria,’ (July 2014);

–‘U.S. RMBS Surveillance and Re-REMIC Criteria’ (June 2014);

–‘U.S. RMBS Loan Loss Model Criteria’ (November 2014);

–‘Counterparty Criteria for Structured Finance and Covered Bonds’ (May 2014);

–‘U.S. RMBS Cash Flow Analysis Criteria’ (April 2014);

–‘Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds’ (December 2014);

–‘Rating Criteria for US Residential and Small Balance Commercial Mortgage Servicers’ (January 2014).

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838868

Global Structured Finance Rating Criteria

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

U.S. RMBS Master Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750719

U.S. RMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750110

U.S. RMBS Cash Flow Analysis Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746027

Rating Criteria for US Residential and Small Balance Commercial Mortgage Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=731747

U.S. RMBS Loan Loss Model Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=810788

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980536

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.

FinanceInvestment & Company InformationFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Ryan O’Loughlin

Analyst

+1-212-908-0387

Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004

or

Secondary Analyst

Grant Bailey

Managing Director

+1-212-908-0544

or

Committee Chairperson

Rui Pereira

Managing Director

+1-212-908-0766

or

Media Relations:

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

sandro.scenga@fitchratings.com […]

Fitch Affirms Nelnet Student Loan Trust 2014-2 Notes; Outlook Stable

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms all outstanding notes issued from Nelnet Student Loan Trust 2014-2 (Nelnet 2014-2). The Rating Outlook on all outstanding notes remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans, including approximately 24.77% of rehabilitated 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 rating at ‘AAA’, Outlook Stable.

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 December 2014 collection period, total parity is 101.27% and senior parity is 105.07%. Currently, cash is being released as the trust has reached the target OC release level of the greater of 1.25% of the adjusted pool balance and $2,000,000.

Adequate Liquidity Support: is provided by a $2.362 million reserve account as of the December 2014 collection period. On or after the August 2015 distribution date, the specified reserve requirement account will be sized at 0.25% of outstanding notes with $509,000 floor.

Acceptable Servicing Capabilities: As of December 2014, Nelnet, Inc. services approximately 65.01% of the 2014-2 portfolio. Pennsylvania Higher Education Assistance Agency (PHEAA) (14.65%), Xerox Education Services, LLC (12.67%), and Great Lakes Education Loan Services Inc. (GLESI) (7.67%) service the remaining portion of the portfolio. In Fitch’s opinion, all servicers are acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since 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 credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch affirms the following:

Nelnet Student Loan Trust 2014-2:

–Class A-1 notes at ‘AAAsf’; Outlook Stable;

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

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

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

A comparison of the transaction’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

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);

–‘Nelnet Student Loan Trust 2014-2 – Appendix’ (March 3, 2014);

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

Applicable Criteria and Related Research:

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

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

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

Nelnet Student Loan Trust 2014-2 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738836

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=980267

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.

FinanceInvestment & Company InformationFitch Ratings 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

Media Relations

Sandro Scenga

+1-212-908-0278

New York

sandro.scenga@fitchratings.com […]

Fitch Affirms PHEAA Student Loan Trust 2014-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the PHEAA Student Loan Trust 2014-1 senior note at ‘AAAsf’ and subordinate note at ‘Asf’. The Rating Outlook remains Stable for both classes.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans, including approximately 12% rehabilitated (rehab) 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 (CE): While both the senior and subordinate notes will benefit from overcollateralization (OC) and future excess spread, the senior notes also benefit from subordination provided by the class B note. As of December 2014, total parity is 100.93% (0.92% CE) and senior parity is 103.96% (3.81% CE). Cash will be released from the trust given that the specified OC amount (the greater of 1.54% of the adjusted pool balance or $5.8 million) is maintained.

Adequate Liquidity Support: Liquidity support for note is provided by a reserve account. The reserve is sized equal to the greater of 0.25% of pool balance and $837,743.

Acceptable Servicing Capabilities: Pennsylvania Higher Education Assistance Agency as servicer, will be responsible for servicing the portfolio. Fitch has reviewed the servicing operations of Pennsylvania Higher Education Assistance Agency and believes it to be 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.

A comparison of the transaction’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

Fitch has taken the following rating actions:

PHEAA Student Loan Trust 2014-1:

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

–Class B affirmed at ‘Asf’; 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);

–‘PHEAA Student Loan Trust 2014-1 — Appendix’ (Feb. 24, 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

PHEAA Student Loan Trust 2014-1 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736636

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=980266

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.

FinanceInvestment & Company InformationFitch Ratings 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

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

Sandro Scenga, +1-212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Upgrades SLM Student Loan Trust 2013-2 Sub Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ‘AAAsf’ rating on the senior notes and upgrades to ‘AAsf’ from ‘A+sf’ the subordinate notes issued by SLM Student Loan Trust 2013-2. 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 January 2015, total parity is 101.01% (1.00% CE) and senior parity is 104.64% (4.44% CE). Cash is being released from the trust given that the target OC level of the greater of 1.00% of the adjusted pool balance and $2,000,000 has been maintained. The subordinate notes have been upgraded to ‘AAsf’ from ‘A+sf’ to reflect the trust’s ability to pass the respective rating’s cash flow stresses.

Adequate Liquidity Support: Liquidity support is provided by a Debt Service Reserve Fund sized at the greater of 0.25% of the pool balance and $1,248,458.

Acceptable Servicing Capabilities: Navient, formerly Sallie Mae, Inc., is responsible for day-to-day servicing of the trust. Fitch believes Navient 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.

Initial Key Rating Drivers and Rating Sensitivity further described in the presale report published on April 2, 2013.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2013-2:

–Class A notes affirmed at ‘AAAsf’; Outlook Stable;

–Class B notes upgraded to ‘AAsf’ from ‘A+sf’; Outlook Stable.

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:

–‘SLM Student Loan Trust 2013-2 – Appendix’, dated April 2, 2013;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, dated April 17, 2013.

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=980257

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.

FinanceInvestment & Company InformationFitch Ratings 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

Paul Jiang

Analyst

+1 212-908-9120

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 for SLM Student Loan Trust 2012-3 Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the senior notes and subordinate notes issued by SLM Student Loan Trust 2012-3 at ‘AAAsf’ and ‘AAsf’, respectively. 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 at “AAA”, outlook stable.

Sufficient Credit Enhancement

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 January 2015, total parity is 101.01% (1.00% CE) and senior parity is 105.54% (5.25% CE). Cash is being released from the trust, given the specified OC amount, which is equal to the greater of 1.00% of the current adjustable pool balance and $1,300,000, has been achieved.

Adequate Liquidity Support

Liquidity support is provided by a Debt Service Reserve Fund sized at the greater of 0.25% of the pool balance and $1,249,353.

Acceptable Servicing Capabilities

Navient, formerly Sallie Mae, Inc., is responsible for day-to-day servicing of the trust. Fitch believes Navient 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.

Initial Key Rating Drivers and Rating Sensitivity further described in the Presale report published on April 24, 2012.

Fitch has affirmed the following:

SLM Student Loan Trust 2012-3:

–Class A notes at ‘AAAsf’; Outlook Stable;

–Class B notes at ‘AAsf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties, and Enforcement Mechanisms (RW&Es) to those of typical RW&Es for student loans is available by accessing the reports and links below:

–‘SLM Student Loan Trust 2012-3 – Appendix’, dated April 24, 2012;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, dated April 17, 2013.

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

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (August 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (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=980252

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.

FinanceInvestment & Company InformationFitch Ratings 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

Paul Jiang

Analyst

+1 212-908-9120

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 Oklahoma Student Loan Authority, Series 2013-1 Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the senior notes at ‘AAAsf’ issued by Oklahoma Student Loan Authority, Series 2013-1 (OSLA 2013-1). The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust 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. ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. As of December 2014, parity was at 105.64%. Additionally, the trust is in turbo and no cash will be released until all notes have been paid in full.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account currently at 0.25% of the bond balance.

Acceptable Servicing Capabilities: OSLA is responsible for day-to-day servicing of the trust as Nelnet Servicing LLC provides backup servicing. 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 ratings:

Oklahoma Student Loan Authority, Series 2013-1:

–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’ dated Aug. 4, 2014;

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

–‘Oklahoma Student Loan Authority, Series 2013-1 (US ABS)’ dated March 26, 2013.

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:

–‘Oklahoma Student Loan Authority, Series 2013-1 – Appendix’, dated March 26, 2013;

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

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

Oklahoma Student Loan Authority, Series 2013-1 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704451

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

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

Oklahoma Student Loan Authority, Series 2013-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704397

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980208

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.

FinanceFinancial AidFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Victoria Ohorodnyk

Associate Director

+1 212-908-0866

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-908-9171

or

Media Relations:

Elizabeth Fogerty, +1 212-908-0526

elizabeth.fogerty@fitchratings.com […]

Fitch Expects to Rate Nelnet Student Loan Trust 2015-1; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to assign the following ratings to the Nelnet Student Loan Trust (NSLT) 2015-1 student loan asset-backed notes:

–$553,232,000 class A notes ‘AAAsf(EXP)’; Outlook Stable;

–$13,114,000 class B notes ‘A+sf(EXP)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans including 19.55% rehabilitated (rehab) loans. In Fitch’s opinion, the credit quality of the trust collateral is high, 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 U.S. is currently rated ‘AAA’, Outlook Stable.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s respective stresses. Total credit enhancement (CE) is provided by overcollateralization (OC) and excess spread, and for the class A notes, 2.32% subordination is provided by the class B notes. At closing, total and senior parity are expected to be 101.25% and 103.65%, respectively. A target OC amount equal to the greater of 1.25% of the adjusted pool balance and $2 million must be met before excess spread can be released from the trust.

Adequate Liquidity Support: Liquidity support is provided by an approximate $6.51 million reserve account (1.15% of outstanding note balance), funded at closing with note proceeds. On or after the February 2020 distribution date, the specified reserve requirement will be the greater of 0.25% of the outstanding note balance and 0.10% of the initial note balance.

Acceptable Servicing Capabilities: Nelnet, Inc. will service 100% of the NSLT 2015-1 portfolio. In Fitch’s opinion, Nelnet, Inc. is 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. For further discussion of Fitch’s sensitivity analysis, please see the presale titled ‘NSLT 2015-1’, dated Feb. 17, 2015, available at www.fitchratings.com.

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 Mechanism in Global Structure Finance Transactions’ (Oct. 31, 2014).

Applicable Criteria and Related Research: Nelnet Student Loan Trust 2015-1 (US Student Loans)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862220

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=979935

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 Street

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk

Associate Director

+1-212-908-0866

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relation:

Elizabeth Fogerty, +1-212-908-0526

elizabeth.fogerty@fitchratings.com […]

Fitch Affirms Wisconsin's $764MM Clean Water Rev Bonds at 'AA+'; Outlook Stable

CHICAGO–(BUSINESS WIRE)–

Fitch Ratings affirms its ‘AA+’ rating on the following outstanding bonds issued by the state of Wisconsin (the state):

–$764 million clean water revenue bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by pledged loan repayments, amounts in the reserve and subsidy funds, and other pledged amounts.

KEY RATING DRIVERS

SOLID FINANCIAL STRUCTURE: Fitch’s cash flow modeling demonstrates that the state’s Clean Water Fund Program (CWFP) can continue to pay bond debt service even if there were loan defaults in excess of Fitch’s stress test without causing bond payment interruptions.

STATE OF WISCONSIN EXPOSURE: Significant portions of CWFP’s bond debt service are subsidized by general obligation (GO) bond repayments issued by the state of Wisconsin (GOs rated ‘AA’ with a Stable Outlook by Fitch) and are required to provide 1.0x coverage. This structural reliance on the state to provide subsidies limits the program’s rating to ‘AA+’.

STRONG PORTFOLIO QUALITY WITH INTERCEPT: Borrower loan provisions are strong, with most of loan principal secured by general obligation or water/sewer system revenue pledges. Approximately 67% of the CWFP’s loan portfolio is estimated to be investment grade by Fitch. This is due in part to the program’s ability to intercept state aid payments otherwise due to delinquent borrowers. The state aid intercept reduces the risk of program debt service shortfalls.

HIGH SINGLE-BORROWER CONCENTRATION REMAINS: The pledged pool consists of 187 borrowers, with the top 10 participants representing approximately 73% of the total portfolio. The largest participant, Milwaukee Metropolitan Sewer District (MMSD), represents a significant 31% of the total portfolio. MMSD’s high credit rating (GO debt rated ‘AAA’ with a Stable Outlook) mitigates this concentration risk.

RATING SENSITIVITIES

SIGNIFICANT REDUCTION IN PROGRAM ENHANCEMENT: A measurable decline in pledged resources including quality of invested reserves and loan subsidy from the state could pressure the rating. The Stable Outlook reflects Fitch’s view that these events are not likely to occur.

CREDIT PROFILE

The state issues revolving fund revenue bonds under its leveraged portfolio to fund clean water loans for various governmental entities throughout the state. In addition, the state, through the Department of Administration (DOA), operates separate direct and proprietary loan portfolios for loans also made to governmental entities for clean water projects. The direct loan portfolio is funded from federal capitalization grants, required state match amounts, and recycled loan repayments while the proprietary portfolio is funded from state GO bond proceeds as well as recycled payments. Only loan repayments from the leveraged portfolio are pledged to CWF bondholders. Fitch considers a credit strength the DOA’s ability to sell or exchange loans between portfolios to avoid delinquencies in the leveraged portfolio.

FINANCIAL STRUCTURE EXHIBITS STRONG DEFAULT TOLERANCE

The CWFP’s scheduled loan repayments are projected to provide minimum debt service coverage of 1.0x, which does not include approximately $105 million in pledged reserves. Overall, Fitch calculates the program’s asset strength ratio (PASR) to be 1.2x, which is slightly weaker than Fitch’s median for the state revolving fund (SRF) sector of 1.8x. The PASR includes total scheduled loan repayments and all other pledged resources divided by total scheduled bond debt service.

Fitch’s cash flow modeling demonstrates that the SRF program can continue to pay bond debt service even with hypothetical loan defaults of 100% over the first, middle and last four-year period of the bonds’ life. This is in excess of Fitch’s ‘AAA’ liability stress hurdle of 30% produced by the portfolio stress calculator. The liability stress hurdle is calculated based on overall pool credit quality as measured by the rating of underlying borrowers, size, and loan term. Despite the ability of the program to meet Fitch’s ‘AAA’ liability default hurdle, structural reliance on state subsidies currently limits the program rating to an ‘AA+’.

The state subsidizes approximately 22% of the CWFP’s debt service costs in the form of state GO debt service payments of outstanding bonds purchased for the program. The purchased bonds (and repayments) are held in the subsidy fund by the trustee. This contribution reduces local borrowing costs by allowing a lower yield on the underlying loans than the yield on the bonds. The corpus of the subsidy fund GOs currently totals approximately about $161 million, or about 21% of outstanding bonds, and is available to cure debt service deficiencies if reserve funds are insufficient.

The program’s loan credit reserve fund is sized based on the estimated credit quality of the loan portfolio and is available to cure debt service deficiencies. The state must cure reserve fund shortfalls before additional loan disbursements or bond issuances. In addition, defaulting borrowers must replenish any reserve draws. As of Jan. 28, 2015, the loan credit reserve fund totaled approximately $105.6 million (14% of outstanding bonds), which is slightly greater than the current minimum requirement of $102.3 million.

The reserves are invested in the state’s investment pool, forward-delivery agreements providing for the delivery of U.S. treasury securities, a collateralized repurchase agreement and Wisconsin GO bonds. Pursuant to the CWFP documents, the reserves must be invested with institutions or instruments that are rated at least as high as the rating category on the clean water revenue bonds at the time the funds were initially invested.

STATE AID INTERCEPT PROVISION CONTRIBUTES TO STRONG POOL QUALITY

Fitch estimates that at least 67% of the pool’s loans are to investment-grade borrowers, including borrowers rated off the state’s GO rating by virtue of state aid credit enhancement. In the event a borrower becomes delinquent, the DOA must intercept that entity’s state aid payments – including state-shared revenues paid to cities, villages, and towns – and transportation aid, where available. The CWFP currently asserts priority over other agencies for intercepted funds, which is viewed by Fitch as a structural positive for bondholders. Fitch uses an assumed ‘AA-‘ rating for borrowers meeting Fitch’s state aid intercept criteria in determining the composite portfolio stress hurdle.

The program’s loan security is solid with approximately 64% of loan principal backed by GO pledges and remaining loans backed by water/sewer system revenue pledges. A minimum coverage ratio of 1.1x is required for new revenue-backed loans. Final loan maturity generally does not exceed 20 years, and level debt service schedules are typical, with principal amortization beginning one year after project completion.

Unpaid system fees must be added by municipalities as a special charge to the property tax bill of the delinquent user. Under the individual loan agreements, the DOA may appoint receivers to take over troubled projects. An internal database is used to track compliance. Additionally, each borrower’s audited financials are monitored on an annual basis. To date, there has not been a permanent loan default.

LOAN POOL EXHIBITS MODERATE-TO-HIGH CONCENTRATION

The combined pledged loan pool is composed of approximately 187 loans, with the top 10 obligors representing approximately 73% of the aggregate loan pool. MMSD, the largest borrower, represents about 31% of the total pledged portfolio. Fitch views overall pool concentration as moderate to high. Each of the remaining pool participants represents no more than approximately 4% of the total pool.

The state also presents a degree of concentration risk to the program structure because of its reliance on state subsidies to cover debt service in the form of state GO bond repayments. As of Jan. 28, 2015, expected state subsidy amounts totaled approximately 22% of total debt.

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

Applicable Criteria and Related Research:

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

–‘State Revolving Fund and Leveraged Municipal Loan Pool Criteria’ (Oct. 22, 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=792908

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979478

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BondsSecurity Upgrades & DowngradesFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Adrienne M. Booker

Senior Director

+1-312-368-5471

Fitch Ratings, Inc.

70 West Madison Street

Chicago, IL 60602

or

Secondary Analyst

Major Parkhurst

Director

+1-512-215-3724

or

Committee Chairperson

Jessalynn Moro

Managing Director

+1-212-908-0608

or

Media Relations:

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

Email:

elizabeth.fogerty@fitchratings.com […]