Approximately $10 billion of asset-backed securities affected
New York, June 03, 2013 -- Moody's Investors Service downgraded 74 classes, upgraded
9 classes, and confirmed 14 classes of notes in 15 National Collegiate
Student Loan Trusts backed by private (i.e. not government
guaranteed) student loans. The loans are primarily serviced by
the Pennsylvania Higher Education Assistance Agency (PHEAA) with U.S.
Bank, N.A. acting as the special servicer.
GSS Data Services, Inc., a wholly owned subsidiary
of Goal Structured Solutions, Inc., is the administrator
for all trusts.
RATINGS RATIONALE
The primary rationale for the downgrades is the performance deterioration
in the underlying student loan pools and the consequent substantial erosion
of total parity levels (i.e. the ratio of total assets to
total liabilities) for all transactions. The total parity has declined
to a range of approximately 75%-87% as of March 2013
from a range of approximately 85%-92% as of April
2011. To reflect the elevated delinquencies and defaults on the
underlying loan pools Moody's increased our life time expected net
losses on all 15 transactions to a range of 25.0%-49.6%
from a range of approximately 24.0%-36.0%.
The upgrades of 9 classes of notes are due to the build-up in subordination
as a result of the principal pay-down of outstanding notes,
which more than offsets the negative impact of increased expected net
losses and decreased total parity.
The ratings of the Class A tranches also reflect our view that the probability
of occurrence of an event of default (EOD) is low. Therefore,
the ratings on these tranches continue reflecting sequential principal
payments and the resulting differentiation in their credit quality.
Despite the large amount of credit enhancement supporting the first-pay
Class A tranches, the probability of an EOD, however low,
negatively affects their credit quality and prevents them from achieving
a Aaa rating.
Available credit enhancement to the transactions includes reserve funds,
subordination, and excess spread. Significant structural
features include reserve fund floors as well as subordinate note interest
triggers, which change the cash flow allocations to the senior notes
upon the breach of certain performance thresholds.
The ratings of the most junior Class A notes of 2005-2, 2006-1,
2006-2, 2006-3 and 2007-1 could be upgraded
in the future if the remaining expected net losses are 10% lower.
The ratings of the most junior Class A notes of 2004-2, 2005-1,
2005-2, 2005-3, 2006-1, 2006-2,
2006-3, 2006-4, 2007-1 and 2007-2
could be downgraded if the remaining expected net losses are 10%
higher. The ratings of the most junior Class A notes of 2001 Master
Trust, 2003-1, 2004-1, 2007-3 and
2007-4 would not be affected if remaining expected net losses are
10% higher or lower.
The principal methodology used in this rating was Moody's Approach to
Rating U.S. Private Student Loan-Backed Securities
published in January 2010. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.
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. Primary sources
of uncertainty with regard to expected loss are the weak economic environment
and the high unemployment rate, which adversely impacts the income-generating
ability of the borrowers.
To assess rating implications of the higher expected losses, each
individual transaction was run through a variety of stress scenarios using
the Structured Finance Workstation® (SFW), a cash flow model
developed by Moody's Wall Street Analytics.
The complete rating actions are as follows:
Issuer: The National Collegiate Master Student Loan Trust I (2001
Indenture)
Lifetime Expected Net Losses: 25.0% of original pool
balance plus any loans added subsequently
Ser. NCT-2002-AR9, Upgraded to A3 (sf);
previously on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible
Upgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Ser. NCT-2002-AR-10, Upgraded to A3
(sf); previously on Nov 20, 2012 Ba2 (sf) Placed Under Review
for Possible Upgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2003AR-11, Upgraded to B1 (sf); previously
on Apr 8, 2011 Downgraded to Caa3 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2003AR-12, Confirmed at Ca (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2003AR-13, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2003AR-14, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2005AR-15, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
NCT-2005AR-16, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Issuer: National Collegiate Student Loan Trust 2003-1 (The)
Lifetime Expected Net Losses: 32.8% of original pool
balance plus any loans added subsequently
Cl. A-7, Downgraded to Caa2 (sf); previously
on Nov 20, 2012 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. IO, Downgraded to Caa2 (sf); previously on Nov 20,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. B-1, Downgraded to C (sf); previously on
Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Cl. B-2, Downgraded to C (sf); previously on
Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2004-1
Lifetime Expected Net Losses: 30.6% of original pool
balance plus any loans added subsequently
Cl. A-2, Confirmed at A3 (sf); previously on
Nov 20, 2012 A3 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to B1 (sf); previously on
Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C (sf); previously on
Nov 20, 2012 Caa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO-2, Downgraded to C (sf); previously
on Nov 20, 2012 Caa3 (sf) Remained On Review for Possible Downgrade
Cl. B-1, Downgraded to C (sf); previously on
Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Cl. B-2, Downgraded to C (sf); previously on
Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2004-2
Lifetime Expected Net Losses: 34.4% of original pool
balance plus any loans added subsequently
Cl. A-3, Confirmed at Aa1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Confirmed at A1 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-1, Confirmed at Baa2 (sf); previously
on Nov 20, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO, Confirmed at Baa2 (sf); previously
on Nov 20, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Upgraded to B1 (sf); previously on Nov 20,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-1
Lifetime Expected Net Losses: 30.6% of original pool
balance plus any loans added subsequently
Cl. A-3, Confirmed at Aa1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Confirmed at A1 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-1, Confirmed at Ba1 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-2, Confirmed at Ba1 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Nov 20,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-2
Lifetime Expected Net Losses: 39.5% of original pool
balance plus any loans added subsequently
Cl. A-3, Downgraded to A1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba1 (sf); previously on
Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Caa3 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-2, Downgraded to Caa3 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 Caa3 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-3
Lifetime Expected Net Losses: 36.8% of original pool
balance plus any loans added subsequently
Cl. A-3, Downgraded to A1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to A2 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-1, Downgraded to B1 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-2, Downgraded to B1 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-1
Lifetime Expected Net Losses: 40.7% of original pool
balance plus any loans added subsequently
Cl. A-3, Downgraded to A1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba1 (sf); previously on
Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Caa3 (sf); previously
on Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-2
Lifetime Expected Net Losses: 47.1% of original pool
balance plus any loans added subsequently
Cl. A-2, Downgraded to A1 (sf); previously on
Nov 20, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba1 (sf); previously on
Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Caa3 (sf); previously
on Nov 20, 2012 B1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-3
Lifetime Expected Net Losses: 43.6% of original pool
balance plus any loans added subsequently
Cl. A-2, Confirmed at Aa1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to A1 (sf); previously on
Nov 20, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba1 (sf); previously on
Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to B1 (sf); previously on
Nov 20, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade
Cl. D, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-4
Lifetime Expected Net Losses: 49.6% of original pool
balance plus any loans added subsequently
Cl. A-2, Confirmed at A1 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba1 (sf); previously on
Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to B1 (sf); previously on
Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 B2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Cl. D, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-1
Lifetime Expected Net Losses: 45.2% of original pool
balance plus any loans added subsequently
Cl. A-2, Confirmed at A1 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba2 (sf); previously on
Nov 20, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Caa2 (sf); previously
on Nov 20, 2012 B1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 B2 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Cl. D, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-2
Lifetime Expected Net Losses: 46.6% of original pool
balance plus any loans added subsequently
Cl. A-2, Downgraded to A2 (sf); previously on
Nov 20, 2012 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Baa3 (sf); previously
on Nov 20, 2012 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to B1 (sf); previously on
Nov 20, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to C (sf); previously on Nov 20,
2012 B1 (sf) Placed Under Review for Possible Downgrade
Cl. C, Downgraded to C (sf); previously on Nov 20,
2012 Caa3 (sf) Placed Under Review for Possible Downgrade
Cl. D, Downgraded to C (sf); previously on Nov 20,
2012 Ca (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-3
Lifetime Expected Net Losses: 43.2% of original pool
balance plus any loans added subsequently
Cl. A-2-AR-3, Upgraded to A3 (sf);
previously on Apr 13, 2009 Downgraded to Baa3 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-2-AR-4, Upgraded to Baa1 (sf);
previously on Jun 16, 2011 Confirmed at Ba1 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-L, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-1, Downgraded to B1 (sf);
previously on Jun 16, 2011 Confirmed at Ba2 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-2, Confirmed at Caa2 (sf);
previously on Nov 20, 2012 Caa2 (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-3, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-4, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-5, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-6, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-7, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Issuer: National Collegiate Student Loan Trust 2007-4
Lifetime Expected Net Losses: 43.2% of original pool
balance plus any loans added subsequently
Cl. A-2-AR-3, Upgraded to A3 (sf);
previously on Apr 13, 2009 Downgraded to Baa3 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-2-AR-4, Upgraded to Baa1 (sf);
previously on Jun 16, 2011 Confirmed at Ba1 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-L, Downgraded to C (sf); previously
on Nov 20, 2012 Ca (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-1, Downgraded to B1 (sf);
previously on Jun 16, 2011 Confirmed at Ba2 (sf)
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-2, Upgraded to Caa2 (sf);
previously on Nov 20, 2012 Caa3 (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-3, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-4, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-5, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
Cl. A-3-AR-6, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
Cl. A-3-AR-7, Downgraded to C (sf);
previously on Nov 20, 2012 Ca (sf) Placed Under Review for Possible
Downgrade
Financial Guarantor: Ambac Assurance Corporation (Insurance Financial
Strength Rating Withdrawn on April 7, 2011)
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.
Jerry Lu
Associate 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
Irina Faynzilberg
VP - Sr Credit Officer/Manager
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 concludes review of National Collegiate Student Loan Trust securitizations