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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Rating Action:

Moody's Rates Connecticut Higher Education Supplemental Loan Authority Student Loan Transaction Aa2 (sf)

20 Oct 2010

$45 Million of Asset-Backed Securities Rated

New York, October 20, 2010 -- Moody's Investors Service has assigned definitive ratings of Aa2 (sf) to the 2010 Series A Revenue Bonds issued by Connecticut Higher Education Supplemental Loan Authority (CHESLA) out of the 1990 Resolution. The underlying collateral consists of private student loans.

Additionally, in accordance with the deal documentation, CHESLA has requested that Moody's provide its opinion to CHESLA as to whether the ratings on the outstanding bonds issued out of the 1990 Resolution would be downgraded or withdrawn as a result of the issuance of the 2010 Series A Revenue Bonds.

Moody's believes that the issuance of the 2010 Series A Revenue Bonds will not have an adverse effect on the credit quality of the bonds outstanding. However, Moody's did not express an opinion as to whether this action had, or could have, other non credit-related effects that investors may or may not view positively.

Issuer: Connecticut Higher Education Supplemental Loan Authority, 1990 Resolution

$45,000,000 2010 Series A, Revenue Bonds (including bonds with the following scheduled maturities), rated Aa2 (sf)

Issuer: Connecticut Higher Education Supplement Loan Authority (1990 Indenture)

2010 Ser. A-1, Definitive Rating Assigned Aa2 (sf)

2010 Ser. A-2, Assigned Aa2 (sf)

2010 Ser. A-3, Assigned Aa2 (sf)

2010 Ser. A-4, Assigned Aa2 (sf)

2010 Ser. A-5, Assigned Aa2 (sf)

2010 Ser. A-6, Assigned Aa2 (sf)

2010 Ser. A-7, Assigned Aa2 (sf)

2010 Ser. A-8, Assigned Aa2 (sf)

2010 Ser. A-9, Assigned Aa2 (sf)

2010 Ser. A-10, Assigned Aa2 (sf)

2010 Ser. A-11, Assigned Aa2 (sf)

2010 Ser. A-12, Assigned Aa2 (sf)

2010 Ser. A-13, Assigned Aa2 (sf)

2010 Ser. A-14, Assigned Aa2 (sf)

2010 Ser. A Term Bond 1, Assigned Aa2 (sf)

2010 Ser. A Term Bond 2, Assigned Aa2 (sf)

RATINGS RATIONALE

The ratings assigned to the bonds are primarily based on the special capital reserve fund (SCRF) that the State of Connecticut (Aa2) is obligated to replenish to its required level once a year, but also on the overcollateralization level which is lower than before the issuance of the 2010 bonds and the expected positive excess spread after the acquisition period of 1.2%. Moody's cumulative net loss expectation of the private student loan pool is approximately 10%.

The principal methodology used in rating Connecticut Higher Education Supplemental Loan Authority was Moody's Approach to Rating U.S. Private Student Loan-Backed Securities" rating methodology published in January 2010. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on the Moody's website.

The V Score for this transaction is Low/Medium compared with the Medium/High V Score assigned for the U.S. Private Student Loan ABS sector. The lower V Score for this transaction is driven by the obligation of the State of Connecticut to replenish the SCRF annually, which is the main source of credit enhancement for the transaction and reduces the sources of variability that would otherwise be present in a private student loan-backed transaction.

Moody's V Scores provide a relative assessment of the quality of available credit information and the potential variability around the various inputs to a rating determination. The V Score ranks transactions by the potential for significant rating changes owing to uncertainty around the assumptions due to data quality, historical performance, the level of disclosure, transaction complexity, the modeling and the transaction governance that underlie the ratings. V Scores apply to the entire transaction (rather than individual tranches).

Moody's Parameter Sensitivities: If the ratings of the State of Connecticut were changed from Aa2 to Aa3, A1, or A2, the initial model-indicated rating for the bonds might result in ratings of Aa3, A1, or A2, respectively. Parameter Sensitivities are not intended to measure how the rating of the security might migrate over time, rather they are designed to provide a quantitative calculation of how the initial model output might change if key input parameters used in the initial rating process differed. The analysis assumes that the deal has not aged. Parameter Sensitivities only reflect the ratings impact of each scenario from a quantitative/model-indicated standpoint. Qualitative factors are also taken into consideration in the rating process, so the actual ratings that would be assigned in each case could vary from the information presented in the Parameter Sensitivity analysis.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments in this transaction.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Additional research, including a pre-sale report for this transaction is available at www.moodys.com. The special report "V Scores and Parameter Sensitivities in the U.S. Student Loan ABS Sector," is also available on moodys.com.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Pedro Sancholuz Ruda
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Barbara A. Lambotte
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's Rates Connecticut Higher Education Supplemental Loan Authority Student Loan Transaction Aa2 (sf)
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​
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