Approximately $103.6 billion of asset-backed securities affected
New York, June 06, 2013 -- Moody's Investors Service has affirmed the ratings on 394 classes of notes
in 109 student loan securitizations sponsored, administered and
currently serviced by Sallie Mae, Inc., a wholly owned
subsidiary of SLM Corporation (SLM). The underlying collateral
consists of student loans that are guaranteed under the Federal Family
Education Loan Program (FFELP).
RATINGS RATIONALE
Moody's has affirmed the ratings because the large scale of the
servicer and existing successor servicer arrangements in SLM's FFELP
student loan securitizations will mitigate servicing disruption risk,
which would increase only marginally if SLM separates its education loan
management business and consumer banking business as announced on 29 May
2013. In response to SLM's announcement, Moody's
placed SLM's corporate family and long-term senior unsecured
Ba1 ratings on review for possible downgrade; however, the
risk of a servicing disruption for the FFELP securitizations remains very
low.
First, the future servicing entity will have a low risk of a servicing
disruption. Under the plan, the new entity that will focus
on the student loan management business will service the FFELP student
loans. The new entity will be slightly smaller and less diversified
than SLM but will retain the scale and operational infrastructure of SLM's
current servicing platform as well as its expertise in servicing FFELP
loans. Furthermore, the new entity will remain the largest
servicer of FFELP loans and a large servicer for the government's
Direct Lending Program.
Second, the servicing of FFELP loans is highly commoditized and
easily transferrable, which further reduces the likelihood of an
adverse impact in the unlikely event of a servicing transfer.
Third, even in the event of a servicing transfer, indenture
provisions in most of the SLM FFELP securitizations will provide protection
against the servicing disruption. These provisions call for the
indenture trustee to become the successor servicer or to appoint a successor
servicer should the current servicer become unable to service the loans.
The methodologies used in these ratings were "Moody's Approach to Rating
Securities Backed by FFELP Student Loans" published in April 2012,
and "Global Structured Finance Operational Risk Guidelines"
published in June 2013. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
The performance expectations for a given variable indicate Moody's forward-looking
view of the likely range of performance over the medium term. From
time to time, Moody's may, if warranted, change these
expectations. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or weaker than
Moody's had anticipated when the related securities ratings were issued.
Even so, a deviation from the expected range will not necessarily
result in a rating action nor does performance within expectations preclude
such actions. The decision to take (or not take) a rating action
is dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics.
RATINGS
Issuer: Arizona Education Loan Marketing Corporation, 1992-2003
Senior Subordinate Trust
1998 Class B, Affirmed A2 (sf); previously on Sep 1,
1998 Assigned A2 (sf)
2000 Ser. B-1, Affirmed A2 (sf); previously on
May 4, 2001 Assigned A2 (sf)
2001 Ser. B-2, Affirmed A2 (sf); previously on
May 4, 2001 Assigned A2 (sf)
2003 Ser. B, Affirmed A2 (sf); previously on Feb 17,
2003 Assigned A2 (sf)
Issuer: Arizona Education Loan Marketing Corporation, 1992-2004
Senior Subordinate Trust
2003C-1, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
2003D, Affirmed A2 (sf); previously on Aug 26, 2003 Assigned
A2 (sf)
2004A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
2004B-1, Affirmed A2 (sf); previously on Mar 10,
2004 Assigned A2 (sf)
2004B-2, Affirmed A2 (sf); previously on Mar 10,
2004 Assigned A2 (sf)
2004B-3, Affirmed A2 (sf); previously on Mar 10,
2004 Assigned A2 (sf)
Issuer: Florida Educational Loan Marketing Corporation -
1998 Indenture
Sub. Ser. 2003B, Affirmed A2 (sf); previously
on Jan 21, 2003 Assigned A2 (sf)
2003D-1, Affirmed A2 (sf); previously on Jan 5,
2004 Assigned A2 (sf)
2003D-2, Affirmed A2 (sf); previously on Jan 23,
2004 Assigned A2 (sf)
Issuer: SLC Student Loan Trust 2004-1
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 8,
2004 Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2005-1
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 16,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2005-2
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 30,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2005-3
Cl. A-1, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 27,
2005 Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2006-1
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 29,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2006-2
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 22,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2007-1
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 28,
2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2007-2
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jul 1,
2009 Confirmed at Aa1 (sf)
Issuer: SLC Student Loan Trust 2008-1
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Mar 31,
2008 Definitive Rating Assigned Aa1 (sf)
Issuer: SLC Student Loan Trust 2008-2
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
1, 2012 Confirmed at Aaa (sf)
Cl. B, Affirmed Baa1 (sf); previously on Aug 1,
2012 Downgraded to Baa1 (sf)
Issuer: SLC Student Loan Trust 2009-1
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Issuer: SLC Student Loan Trust 2009-2
Cl. A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SLC Student Loan Trust 2009-3
Cl. A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SLC Student Loan Trust 2010-1
Class A, Affirmed Aaa (sf); previously on Aug 2, 2011
Confirmed at Aaa (sf)
Issuer: SLM Student Loan ABS Repackaging Trust 2009-I
Float Rate Cl. A Notes, Affirmed Aaa (sf); previously
on Aug 2, 2011 Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2001-4
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aaa (sf); previously on Aug 2, 2011
Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2002-1
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aaa (sf); previously on Aug 2, 2011
Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2002-4
Class A-4, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Jul 9, 2002
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2002-5
Class A-4L, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-4CP, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Sep 12, 2002
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2002-6
Class A-4L, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-4CP, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Nov 7, 2002
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2002-7
Class A-5, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-6, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-7, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-8, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-9, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-10, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-11, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Dec 3, 2002
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-1
Class A-5A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-5B, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-5C, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Mar 19, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-10
Cl. A-1A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1C, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1D, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1E, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1F, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1G, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-1H, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa2 (sf); previously on Oct 3,
2003 Assigned Aa2 (sf)
Issuer: SLM Student Loan Trust 2003-11
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Nov 3,
2003 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-12
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Nov 27,
2003 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-14
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 15,
2003 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-2
Class A-5, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-6, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-7, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-8, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-9, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Mar 19, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-3
Class A-4, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Apr 1, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-4
Class A5-A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A5-B, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A5-C, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A5-D, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A5-E, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on May 8, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-5
Class A-5, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-6, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-7, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-8, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-9, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on May 22, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-6
Class A-4, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Jun 6, 2003
Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-7
Cl. A-5A, Affirmed Baa1 (sf); previously on Nov
23, 2011 Downgraded to Baa1 (sf)
Cl. A-5B, Affirmed Baa1 (sf); previously on Nov
23, 2011 Downgraded to Baa1 (sf)
Cl. B, Affirmed Ba1 (sf); previously on Nov 23,
2011 Downgraded to Ba1 (sf)
Issuer: SLM Student Loan Trust 2003-8
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 18,
2003 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2003-9
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 3,
2003 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-1
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 19,
2008 Confirmed at Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-10
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-8, Affirmed A1 (sf); previously on Nov
23, 2011 Downgraded to A1 (sf)
Cl. B, Affirmed Ba3 (sf); previously on Nov 23,
2011 Downgraded to Ba3 (sf)
Issuer: SLM Student Loan Trust 2004-2
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Apr 22,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-3
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Apr 22,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-4
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 18,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-5
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 22,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-6
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jul 6,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-7
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 2,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-8
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 10,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2004-9
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 30,
2004 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-1
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jan 27,
2005 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-10
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 19,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-2
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Feb 17,
2005 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-3
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Apr 13,
2005 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-4
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on May 24,
2005 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-5
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 30,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-6
Cl. A-5A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jul 29,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-7
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 12,
2005 Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-8
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 27,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2005-9
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7a, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-7b, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Nov 17,
2005 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-1
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 1,
2012 Confirmed at Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-10
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 4,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-2
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Feb 24,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-3
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 1,
2012 Confirmed at Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-4
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Apr 21,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-5
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6C, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jun 23,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-6
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Jul 20,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-7
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6C, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 6,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-8
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Sep 19,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2006-9
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Oct 12,
2006 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-1
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Feb 2,
2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-2
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 1,
2012 Confirmed at Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-3
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Aug 1,
2012 Confirmed at Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-4
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4A, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4B, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B-1, Affirmed Aa1 (sf); previously on Apr
5, 2007 Definitive Rating Assigned Aa1 (sf)
Cl. B-2A, Affirmed Aa1 (sf); previously on Apr
5, 2007 Definitive Rating Assigned Aa1 (sf)
Cl. B-2B, Affirmed Aa1 (sf); previously on Apr
5, 2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-5
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-6, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B-1, Affirmed Aa1 (sf); previously on Jul
20, 2007 Definitive Rating Assigned Aa1 (sf)
Cl. B-2, Affirmed Aa1 (sf); previously on Jul
20, 2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-6
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Oct 25,
2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2007-7
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed A1 (sf); previously on Aug 1,
2012 Downgraded to A1 (sf)
Issuer: SLM Student Loan Trust 2007-8
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa1 (sf); previously on Dec 11,
2007 Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2008-1
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Baa1 (sf); previously on Aug 1,
2012 Downgraded to Baa1 (sf)
Issuer: SLM Student Loan Trust 2008-2
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Baa1 (sf); previously on Aug 1,
2012 Downgraded to Baa1 (sf)
Issuer: SLM Student Loan Trust 2008-3
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed A2 (sf); previously on Aug 1,
2012 Downgraded to A2 (sf)
Issuer: SLM Student Loan Trust 2008-4
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Baa2 (sf); previously on Aug 1,
2012 Downgraded to Baa2 (sf)
Issuer: SLM Student Loan Trust 2008-5
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed A2 (sf); previously on Aug 1,
2012 Downgraded to A2 (sf)
Issuer: SLM Student Loan Trust 2008-6
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Baa1 (sf); previously on Aug 1,
2012 Downgraded to Baa1 (sf)
Issuer: SLM Student Loan Trust 2008-7
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed A1 (sf); previously on Aug 1,
2012 Downgraded to A1 (sf)
Issuer: SLM Student Loan Trust 2008-8
Cl. A-2, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Cl. B, Affirmed Aa3 (sf); previously on Aug 1,
2012 Downgraded to Aa3 (sf)
Issuer: SLM Student Loan Trust 2008-9
Cl. A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Cl. B, Affirmed A1 (sf); previously on Aug 1,
2012 Downgraded to A1 (sf)
Issuer: SLM Student Loan Trust 2009-1
Class A, Affirmed Aaa (sf); previously on Aug 2, 2011
Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2009-2
Cl. A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2009-3
Cl. A, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SLM Student Loan Trust 2010-1
Class A Notes, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B Notes, Affirmed Aa1 (sf); previously on Aug 1,
2012 Upgraded to Aa1 (sf)
Issuer: SLM Student Loan Trust 2010-2
Class A Notes, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class B Notes, Affirmed Aa1 (sf); previously on Aug 1,
2012 Upgraded to Aa1 (sf)
Issuer: SLM Student Loan Trust 2011-1
Class A-1 Notes, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Class A-2 Notes, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Class B Notes, Affirmed Aa1 (sf); previously on Aug 1,
2012 Upgraded to Aa1 (sf)
Issuer: SLM Student Loan Trust 2011-2
Class A-1 Notes, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Class A-2 Notes, Affirmed Aaa (sf); previously on Aug
2, 2011 Confirmed at Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Aug 1, 2012
Upgraded to Aa1 (sf)
Issuer: SLM Student Loan Trust 2011-3
Floating Rate Cl. A Note, Affirmed Aaa (sf); previously
on Nov 18, 2011 Definitive Rating Assigned Aaa (sf)
Floating Rate Cl. B Notes, Affirmed Aa1 (sf); previously
on Aug 6, 2012 Upgraded to Aa1 (sf)
Issuer: SLM Student Loan Trust 2012-1
Class A-1, Affirmed Aaa (sf); previously on Jan 19,
2012 Definitive Rating Assigned Aaa (sf)
Class A-2, Affirmed Aaa (sf); previously on Jan 19,
2012 Definitive Rating Assigned Aaa (sf)
Class A-3, Affirmed Aaa (sf); previously on Jan 19,
2012 Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Jan 19, 2012
Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2012-2
Class A, Affirmed Aaa (sf); previously on Mar 15, 2012
Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Mar 15, 2012
Definitive Rating Assigned Aa1 (sf)
Issuer: SLM Student Loan Trust 2012-3
Class A, Affirmed Aaa (sf); previously on May 3, 2012
Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa3 (sf); previously on May 3, 2012
Definitive Rating Assigned Aa3 (sf)
Issuer: SLM Student Loan Trust 2012-4
Class A, Affirmed Aaa (sf); previously on Jun 14, 2012
Definitive Rating Assigned Aaa (sf)
Class B, Affirmed A2 (sf); previously on Jun 14, 2012
Definitive Rating Assigned A2 (sf)
Issuer: SLM Student Loan Trust 2012-5
Class A-1, Affirmed Aaa (sf); previously on Jul 19,
2012 Definitive Rating Assigned Aaa (sf)
Class A-2, Affirmed Aaa (sf); previously on Jul 19,
2012 Definitive Rating Assigned Aaa (sf)
Class A-3, Affirmed Aaa (sf); previously on Jul 19,
2012 Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa3 (sf); previously on Jul 19, 2012
Definitive Rating Assigned Aa3 (sf)
Issuer: SLM Student Loan Trust 2012-6
Class A-1, Affirmed Aaa (sf); previously on Sep 21,
2012 Definitive Rating Assigned Aaa (sf)
Class A-2, Affirmed Aaa (sf); previously on Sep 21,
2012 Definitive Rating Assigned Aaa (sf)
Class A-3, Affirmed Aaa (sf); previously on Sep 21,
2012 Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa2 (sf); previously on Sep 21, 2012
Definitive Rating Assigned Aa2 (sf)
Issuer: SLM Student Loan Trust 2012-7
Class A-1, Affirmed Aaa (sf); previously on Nov 8,
2012 Definitive Rating Assigned Aaa (sf)
Class A-2, Affirmed Aaa (sf); previously on Nov 8,
2012 Definitive Rating Assigned Aaa (sf)
Class A-3, Affirmed Aaa (sf); previously on Nov 8,
2012 Definitive Rating Assigned Aaa (sf)
Class B, Affirmed A1 (sf); previously on Nov 8, 2012
Definitive Rating Assigned A1 (sf)
Issuer: SLM Student Loan Trust 2012-8
Class A Notes, Affirmed Aaa (sf); previously on Dec 20,
2012 Definitive Rating Assigned Aaa (sf)
Class B Notes, Affirmed A1 (sf); previously on Dec 20,
2012 Definitive Rating Assigned A1 (sf)
Issuer: SLM Student Loan Trust 2013-1
Class A-1, Affirmed Aaa (sf); previously on Feb 14,
2013 Definitive Rating Assigned Aaa (sf)
Class A-2, Affirmed Aaa (sf); previously on Feb 14,
2013 Definitive Rating Assigned Aaa (sf)
Class A-3, Affirmed Aaa (sf); previously on Feb 14,
2013 Definitive Rating Assigned Aaa (sf)
Class B, Affirmed A1 (sf); previously on Feb 14, 2013
Definitive Rating Assigned A1 (sf)
Issuer: SLM Student Loan Trust 2013-2
Class A, Affirmed Aaa (sf); previously on Apr 11, 2013
Definitive Rating Assigned Aaa (sf)
Class B, Affirmed Aa1 (sf); previously on Apr 11, 2013
Definitive Rating Assigned Aa1 (sf)
Issuer: SMS Student Loan Trust 1998-A
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Subordinate, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SMS Student Loan Trust 1999-A
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Subordinate, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SMS Student Loan Trust 1999-B
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Subordinate, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SMS Student Loan Trust 2000-A
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Subordinate, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: SMS Student Loan Trust 2000-B
Class A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Subordinate, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: Student Loan Funding Corporation, Series 1997A and
1997B
Class A-7, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Class A-6, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Issuer: Washington Student Loan Finance Association -1998
Indenture (formerly Student Loan Finance Association)
Class A-3, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
2000A-1, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
Ser. 2001 Cl. A-2, Affirmed Aaa (sf);
previously on Aug 2, 2011 Confirmed at Aaa (sf)
Ser. 2002 Cl. A-3, Affirmed Aaa (sf);
previously on Aug 2, 2011 Confirmed at Aaa (sf)
Ser. 2002 Cl. A-4, Affirmed Aaa (sf);
previously on Aug 2, 2011 Confirmed at Aaa (sf)
2003 Cl. A-1, Affirmed Aaa (sf); previously on
Aug 2, 2011 Confirmed at Aaa (sf)
2004A-1, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
2004A-2, Affirmed Aaa (sf); previously on Aug 2,
2011 Confirmed at Aaa (sf)
For the detailed list of affirmed securities, please use the link
below:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF332197
REGULATORY DISCLOSURES
Moody's did not receive or take into account a third-party
assessment on the due diligence performed regarding the underlying assets
or financial instruments related to the monitoring of this transaction
in the past six months.
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
JingJing Dang
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
John Park
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's affirms 394 classes of notes from 109 Sallie Mae FFELP student loan securitizations
