Student Loan - Loans and Debt Consolidation

FITCH ASSIGNS STABLE RATING OUTLOOKS BUSINESS WIRE PRESS RELEASE

Fitch Assigns Stable Rating Outlooks to $164B U.S. FFELP Student Loan ABS

Subordinate bonds were excluded from the assignment of Outlooks at this time as they require further analysis. Subordinate bonds remain much more exposed to basis risk, and each bonds rating and transactions structure, such as minimum parity requirement for release and interest rates on the loans and bonds, must be considered. Some subordinate bonds are currently on Rating Watch Negative. Fitch is currently revising its surveillance methodology to monitor and evaluate FFELP student loan subordinate bonds, and assign Outlooks.

As detailed in Fitchs Sept. 11, 2008 reportIntroducing Rating Outlooks for U.S. Structured Finance Bonds, Rating Outlooks are intended to be forward looking and indicate the likely direction of any rating change over a one- to two-year period. Rating Outlooks may be Positive, Negative, Stable, or, occasionally, Evolving. Rating Outlooks will be reviewed concurrently with the rating review for the transaction and published in conjunction with the long-term rating. Fitch will continue to monitor market conditions and its impact on the student loan ABS and the trust level performance variables, and revise the Rating Outlooks if necessary. Fitchs rating action commentary will include rationale for the Rating Outlook along with rationale for the long-term rating.

The actions are summarized in a spreadsheet detailing tranche level actions that will be available on th...[more]