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ECB offers Greek banks more cash

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BBC News – ECB offers Greek banks extra €3.3bn emergency cash

Prime Minister Tsipras: “We are not in a hurry and we will not compromise”

On Tuesday, Greek Prime Minister Alexis Tsipras called for a vote in the Greek parliament on whether to scrap the austerity programme on Friday, the same day as the eurozone deadline.

“We will not succumb to psychological blackmail,” Mr Tsipras told parliament. “We are not in a hurry and we will not compromise.”

US investment bank JP Morgan claimed over the weekend that €2bn worth of deposits was flowing out of Greek banks each week. It estimated that if that were to remain the case, they would run out of cash to use as collateral against new loans within 14 weeks.

JP Morgan’s estimate is based on a calculation that a maximum of €108bn of deposits is left in Greek banks.

The most up-to-date figures from the Greek central bank show deposits dropped 2.4% month-on-month in December to €160.3bn from €164.3bn, marking the third consecutive monthly fall.

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What would happen if Greece left the euro? Grexit explained – in 60 seconds

Dutch Finance Minister Jeroen Dijsselbloem, who is also chairing the Eurogroup meetings of eurozone finance ministers, warned on Monday night there were just days left for talks.

Mr Dijsselbloem said it was now “up to Greece” to decide if it wanted more funding or not.

Analysis: Theo Leggett, BBC business reporter:

The apparent deadlock in Brussels is hardly surprising, because the two sides have very different goals.

The Greek government wants to scrap the current bailout deal, because of the very painful programme of spending cuts and other austerity measures that come with it. Instead, it wants a bridging loan to help it meet its short term needs, while a new deal is hammered out. Having been elected on an anti-austerity ticket, it can’t afford to back down, or it will be accused of betraying Greek voters.

But other members of the eurozone, and Germany in particular, have a very different agenda. They want Greece to accept an extension to the current deal – with the rather uncertain promise of “flexibility” if it plays ball.

They don’t want to show any signs of weakness, because of the signal that could send to anti-austerity movements in countries such as Spain, Portugal or Cyprus.

It would also be politically toxic in Germany, where many voters dislike the idea that they are paying for Greece’s mistakes.

That doesn’t mean a compromise is impossible. It simply means any deal would have to be presented as both an end to the current austerity programme and a continuation of it. A political fudge, in other words – and Brussels has plenty of experience in putting those together. So a short-term solution is possible, but far from certain.

Key dates for Greece – and the eurozone

28 February – Current programme of loans ends

First quarter of 2015 – Greece’s funding needs estimated at €4.3bn by end of March

19-20 March – EU leaders’ summit

20 July – €3.5bn bonds held by the European Central Bank mature

20 August – €3.2bn bonds held by the European Central Bank mature

Greece has proposed a new bailout programme that involves a bridging loan to keep the country going for six months and help it repay €7bn (£5.2bn) of maturing bonds.

The second part of the plan would see the county’s debt refinanced. Part of this might be through “GDP bonds” – bonds carrying an interest rate linked to economic growth.

Greece also wants to see a reduction in the primary surplus target – the surplus the government must generate (excluding interest payments on debt) – from 3% to 1.49% of GDP.

In Greece last week, two opinion polls indicated that 79% of Greeks supported the government’s policies, and 74% believed its negotiating strategy would succeed.

More on This Story

Last night’s acrimonious breakdown of talks to refinance Greece presents Germany and other eurozone government’s with their toughest decision since the single currency’s creation in 1999.


Related Stories

Peston: Euro’s existential threat 17 FEBRUARY 2015, BUSINESS Hewitt: Greece’s dangerous game 17 FEBRUARY 2015, EUROPE US stocks at fresh highs on Greece 17 FEBRUARY 2015, BUSINESS Greek PM: ‘We will not compromise’ Watch 17 FEBRUARY 2015, EUROPE Greece’s race to find a eurozone deal Watch 17 FEBRUARY 2015, EUROPE The Grexit explained – in 60 seconds Watch 16 FEBRUARY 2015, EUROPE Profile: Yanis Varoufakis bailout foe 13 FEBRUARY 2015, EUROPE What are Greece’s options? 12 FEBRUARY 2015, BUSINESS What will happen if there’s no deal? 11 FEBRUARY 2015, EUROPE Greenspan predicts Greek euro exit 08 FEBRUARY 2015, BUSINESS What if Greece quits the euro? 18 FEBRUARY 2015, BUSINESS

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Irish Times Greece confirms plan to submit loan extension request 10 hrs ago

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Fed ‘unlikely’ to raise rates soon

Officials at the Federal Reserve are unlikely to raise interest rates soon, the latest minutes from the bank’s January meeting have revealed.

Further fall in UK unemployment

Sony spins off video and audio units

Ukraine troops retreat from key town Further fall in UK unemployment Swiss raid HSBC’s Geneva office UK police examine Chelsea fans video Rise in Romania and Bulgaria workers

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Using crime statistics to deduce the likely suspects


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Payday loan problems? Watch the latest video from the Ombudsman …

Image Ombudsmanpaydayloan.png

Aug19

Payday loan problems? Watch the latest video from the Ombudsman

posted by in Payday Loans

Payday loans often add to your worries

Taking out a payday loan to deal with a money problem can be tempting but we know that it can lead to a slippery slope of debt and stress.

That’s why it’s great to see the Financial Ombudsman Service’s new video, aiming to highlight the dangers of taking out a payday loan.

As the video says, payday loan might give you short term relief but often only postpones the problem and the loan becomes an extra thing to worry about. We talk to people who’ve fallen victim to this all too often.

Watch the Financial Ombudsman’s video

How can the Financial Ombudsman help?

If you’ve got issues with payday loans the Financial Ombudsman can:

help you agree affordable repayments on your loan stop you being harassed by debt collectors deal with creditors when you’re being mistakenly chased for a loan in someone else’s name points you in the direction of people who can give in-depth debt advice

The Financial Ombudsman doesn’t give in-depth debt advice but if they think you need they’ll put you in touch with us here at StepChange Debt Charity.

What should you do if you’ve got payday loan problems?

There are four steps you can take to deal with a payday loan problem:

1. Don’t panic: it can feel overwhelming but help is available and things are rarely as bad as they first seem

2. Stop borrowing: many people take out new payday loans to pay off their old loans. This can lead to a quick snowballing of debt

3. Cancel loan payments if you can’t afford them: we’ve got in-depth advice on this in our How to cancel a continuous payment authority article

4. Get free debt advice: we can give you free and impartial advice on how to deal with your debts and help you find a practical solution. Our Debt Remedy advice tool will give you a personal action plan within 20 minutes.

No related posts. James Winterbottom has been a debt advisor for six years. Away from work he is an amateur app developer and writes fiction. James is a lifelong supporter of Huddersfield Town football club, which suggests he is either very loyal or very daft. He also likes to talk about himself in the third person in bio pages. Written by Tags Payday Loans […]

John Oliver enlists Sarah Silverman to take down payday loans

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Every week, Last Week Tonight, takes one particular issue to task for a longer segment. On Sunday, John Oliver enlists Sarah Silverman to explain how payday loan companies are not our friends. There are currently more payday loan stores (which does not mean paying for a loan in Payday candy bars) in American than McDonalds or Starbucks, and they are sadly not going anywhere. Watch Silverman star in Oliver’s counter-campaign for a payday loan alternative called, “Anything Else.”

[…]

Fitch Maintains Rating Watch Negative on SLM Student Loan Trust 2013-2 Senior Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the SLM Student Loan Trust 2013-2 senior notes (currently rated ‘AAAsf’). Fitch also affirms the subordinate note at ‘A+sf’ with a Stable Outlook.

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.

Rating Watch Maintained: ‘AAAsf’ rated tranches of U.S. FFELP student loan ABS remain on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013.

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 December 2013, total parity is 101.01% (1% CE) and senior parity is 104.16% (3.99% CE). Cash is being released from the trust given that the target OC level of the greater of 1% of the adjusted pool balance and $2,000,000 has been maintained.

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: Sallie Mae Inc. is responsible for day-to-day servicing of the trust. Fitch believes SLM 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.

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 note at ‘AAAsf’; Rating Watch Negative maintained;

–Class B note affirmed at ‘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, 2012.

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=823539

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Lisette Figueroa, +1 212-908-0836

Analyst

Fitch Ratings, Inc.

One State Plaza

New York, NY 10004

or

Committee Chairperson

Kevin Corrigan, +1 212-908-9156

Senior Director

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Rates Nelnet Student Loan Trust 2014-2

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has assigned the following ratings to the Nelnet Student Loan Trust 2014-2, student loan asset-backed notes as follows:

–$191,000,000 class A-1 notes ‘AAAsf’; Rating Watch Negative;

–$222,000,000 class A-2 notes ‘AAAsf’; Rating Watch Negative;

–$84,000,000 class A-3 notes ‘AAAsf’; Rating Watch Negative;

–$12,000,000 class B notes ‘A+sf’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans, including approximately 25% of 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).

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

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s stresses. At closing, total and senior parity are expected to be 100.89% and 103.33%, respectively. Total credit enhancement (CE) is provided by overcollateralization (OC) and excess spread, and for class A notes, 2.34% subordination is provided by class B notes. A target OC amount equal to the greater of 1.25% of the adjusted pool balance and $2 million must be met before excess cash can be released from the trust.

Adequate Liquidity Support: Liquidity support is initially provided by a $2.545 million (0.50% of outstanding note balance), funded at closing with note proceeds. On or after the August 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the outstanding note balance with a floor of $509,000.

Acceptable Servicing Capabilities: Nelnet will be responsible for servicing approximately 64% of the 2014-2 portfolio. PHEAA (15%), ACS (13%) and Great Lakes Educational Loan Services Inc. (8%) will service the remaining portfolio. In Fitch’s opinion, all the servicers listed 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. For further discussion of Fitch’s sensitivity analysis, please see the presale titled ‘NSLT 2014-2’, dated March 3, 2014, available at www.fitchratings.com.

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

Applicable Criteria and Related Research:

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

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

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

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823492

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk

Analyst

+1-212-908-0866

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 to Rate Nelnet Student Loan Trust 2014-2; Issues Presale

NEW YORK–(BUSINESS WIRE)–

Link to Fitch Ratings’ Report: Nelnet Student Loan Trust 2014-2

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738815

Fitch Ratings expects to assign the following ratings to the Nelnet Student Loan Trust 2014-2 student loan asset-backed notes as follows:

–$191,000,000 class A-1 notes ‘AAAsf’; Rating Watch Negative;

–$222,000,000 class A-2 notes ‘AAAsf’; Rating Watch Negative;

–$84,000,000 class A-3 notes ‘AAAsf’; Rating Watch Negative;

–$12,000,000 class B notes ‘A+sf’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans, including approximately 25% of 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).

Rating Watch Negative: All existing and new issuances of ‘AAA’ rated tranches of FFELP securitizations are on Rating Watch Negative following the revision of the long-term foreign and local currency issuer default ratings of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s respective stresses. At closing, total and senior parity are expected to be 100.89% and 103.33%, respectively. Total credit enhancement (CE) is provided by overcollateralization (OC) and excess spread, and for class A notes, 2.34% subordination is provided by class B notes. A target OC amount equal to the greater of 1.25% of the adjusted pool balance and $2 million must be met before excess cash can be released from the trust.

Adequate Liquidity Support: Liquidity support is initially provided by a $2.545 million reserve account (0.50% of outstanding note balance), funded at closing with note proceeds. On or after the August 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the outstanding note balance with a floor of $509,000

Acceptable Servicing Capabilities: Nelnet will be responsible for servicing approximately 64% of the 2014-2 portfolio. Pennsylvania Higher Education Assistance Agency (PHEAA) (15%), Xerox Education Services, LLC (13%) and Great Lakes Educational Loan Services Inc. (GLELSI) (8%) will service the remaining portfolio. In Fitch’s opinion, all the servicers listed 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.

Additional discussion of Fitch’s sensitivity analysis is available in the presale, published today and available at ‘www.fitchratings.com‘ or by clicking on the above link.

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

Applicable Criteria and Related Research:

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

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

–‘Representations, Warranties and Enforcement Mechanism in Global Structure Finance Transactions’ (April 17, 2012)

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

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

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=822261

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Media Relations

Sandro Scenga, New York

Tel: +1 212-908-0278

Email:

sandro.scenga@fitchratings.com

or

Primary Analyst

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk

Analyst

+1-212-908-0866

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

[…]

Fitch Maintains Negative Watch on Nelnet Student Loan Trust 2006-3 Senior Notes; Affirms Sub Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the senior notes and affirms the subordinate notes issued by Nelnet Student Loan Trust 2006-3. The Rating Outlook is Stable for the subordinate notes.

KEY RATING DRIVERS

High Collateral Quality:

The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued.

Rating Watch Negative:

On Oct. 16, Fitch placed 776 ABS FFELP student loans transactions that are rated at ‘AAAsf’ on Rating Watch Negative. This rating action is tied to the sovereign rating of the U.S. being placed on Rating Watch Negative Oct. 15, 2013 by Fitch in relation to the U.S. debt ceiling agreement and to the creditworthiness of the United States.

Credit Enhancement

Credit Enhancement is provided by overcollateralization, excess spread, and for the class A notes, subordination provided by the class B notes. As of the November 2013 report, the total parity is 100.37% and senior parity is at 105.11%. Excess cash is currently released from the trust however the current overcollateralization is expected to be maintained due to the way Principal Distribution Amount is determined.

Adequate Liquidity Support

Liquidity support is provided by a reserve account which is determined as the greater of 0.25% of the pool balance and $3,294,279.

Acceptable Servicing Capabilities

Nelnet Inc. as the servicer is responsible for the day-to-day servicing of this trust. In Fitch’s opinion, Nelnet is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

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

Fitch has taken the following rating actions:

Nelnet Student Loan Trust 2006-3:

–Class A-4 note ‘AAAsf’; Rating Watch Negative Maintained;

–Class A-5 note ‘AAAsf’; Rating Watch Negative Maintained;

–Class A-6 note ‘AAAsf’; Rating Watch Negative Maintained;

–Class B note 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 24, 2013);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (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 – Effective Apr. 7, 2011 to Apr. 3, 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821155

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 RatingsNelnetFFELP Contact:

Fitch Ratings

Primary Analyst

Lisette Figueroa

Analyst

+1-212-908-0836

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

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

elizabeth.fogerty@fitchratings.com […]

Fitch Affirms Iowa Student Loan Liquidity Corp's Series 2005-1 Ratings

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the senior notes currently rated ‘AAAsf’ and affirms the subordinate note at ‘A+sf’, Outlook Stable issued by Iowa Student Loan Liquidity Corporation (Iowa Student Loan) Series 2005-1. A detailed list of rating actions follows at the end of this press release.

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.

Rating Watch Maintained: ‘AAAsf’ rated tranches of U.S. FFELP student loan ABS are maintained on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013

Sufficient Credit Enhancement (CE):

While both the senior and subordinate notes will benefit from overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread, the senior notes also benefit from subordination provided by the class B note. As of September 2013, total parity is 101.27% (1.24% CE) and senior parity is 118.57% (15.66% CE). Although total parity is 101.27%, Fitch only gives credit to the 100.50% cash release level.

Adequate Liquidity Support:

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

Acceptable Servicing Capabilities:

As of Jan. 1, 2014, servicing for the Iowa Student Loan (ISL) 2005-1 trust was transferred to ISL’s subsidiary, Aspire Resources, Inc. Although Fitch does not rate Aspire Resources, Inc., Fitch believes this subsidiary of ISLLC 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:

ISL Student Loan Trust 2005-1

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

–Senior Class A-3 at ‘AAAsf’; Rating Watch Negative maintained;

–Subordinate 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 24, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=820547

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 RatingsFFELP Contact:

Fitch Ratings

Primary Analyst

Jeffrey Prackup

Director

+1-212-908-0839

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

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

sandro.scenga@fitchratings.com […]

Fitch Maintains Negative Watch on Nelnet Student Loan Trust 2006-2 Sr Notes; Upgrades Sub Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the senior notes and upgrades the subordinate notes issued by Nelnet Student Loan Trust 2006-2. The Rating Outlook is Stable for the subordinate notes.

KEY RATING DRIVERS

High Collateral Quality:

The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued.

Rating Watch Negative: ‘AAAsf’ rated tranches of U.S. FFELP student loan ABS are maintained on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013.

Credit Enhancement

Credit enhancement is provided by overcollateralization, excess spread, and for the class A notes, subordination provided by the class B notes. As of the September 2013 report, the total parity is 100.07% and senior parity is at 104.61%. Excess Cash is currently released from the trust as the trust maintains the overcollateralization amount of $823,589.

Adequate Liquidity Support

Liquidity support is provided by a reserve account which is determined as the greater of 0.25% of the pool balance and $3,055,686.03.

Acceptable Servicing Capabilities

Nelnet Inc. as the servicer is responsible for the day-to-day servicing of this trust. In Fitch’s opinion, Nelnet is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

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

Fitch has taken the following rating actions:

Nelnet Student Loan Trust 2006-2:

–Class A-4 note affirmed at ‘AAAsf’; Rating Watch Negative Maintained;

–Class A-5 note affirmed at ‘AAAsf’; Rating Watch Negative Maintained;

–Class A-6 note affirmed at ‘AAAsf’; Rating Watch Negative Maintained;

–Class A-7 note affirmed at ‘AAAsf’; Rating Watch Negative Maintained;

–Class B note upgraded to ‘Asf’ from ‘BBB-sf’; Outlook Stable.

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

Applicable Criteria and Related Research:

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

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

Applicable Criteria and Related Research:

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

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818051

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 RatingsNelnetFFELP Contact:

Fitch Ratings

Primary Analyst

Lisette Figueroa

Analyst

+1-212-908-0836

Fitch Ratings, Inc.

One State Street Plaza

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 Maintains Rtg Watch Negative on SLM Student Loan Trust 2013-1 Sr Notes; Affs Sub Note at 'Asf'

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the senior notes currently rated ‘AAAsf’ and affirms the subordinate note at ‘Asf’, Outlook Stable issued by SLM Student Loan Trust 2013-1.

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.

Rating Watch Maintained: ‘AAAsf’ rated tranches of U.S. FFELP student loan ABS are maintained on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013.

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 December 2013, total parity is 101.01% (1.0% CE) and senior parity is 104.25% (4.08% CE). Cash is being released from the trust given that the target OC level of the greater of 1.0% of the adjusted pool balance and $2,000,000 has been maintained.

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 $1,249,779.

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

Initial Key Rating Drivers and Rating Sensitivity further described in the Presale report published on Feb. 4, 2013.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2013-1:

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

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

–Class A-3 note at ‘AAAsf’; Rating Watch Negative maintained;

–Class B note affirmed at ‘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 2013-1 – Appendix’, dated Feb. 4, 2013;

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

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=817973

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 ‘

‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Jared Smith

Analyst

+1-212-908-0371

Fitch Ratings, Inc.

One State Street Plaza

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 […]