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Rating Action:

Moody's concludes review of National Collegiate Student Loan Trust securitizations

03 Jun 2013

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
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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