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Rating Action:

Moody's downgrades 56 notes in 14 Access Group's student loan deals

07 Oct 2011

Approximately $6.4 billion of asset-backed securities affected

New York, October 07, 2011 -- Moody's Investors Service downgraded 56 classes of notes in 14 student loan securitizations sponsored, serviced and administered by Access Group, Inc., a not-for-profit entity. Moody's had placed these transactions on review for downgrade on April 14, 2011, when it introduced new rating guidance for assessing operational risk with the publication of "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk." Moody's also downgraded the subordinate notes from three transactions because of deterioration in collateral performance. Loans originated under the Federal Family Education Loan Program (FFELP) back 7 of the affected transactions, private credit student loans that are not guaranteed or reinsured by the U.S. government back 6 of the transactions, and a mixed pool of private credit and FFELP student loans backs one transaction, Access Group 2001.

RATINGS RATIONALE

The downgrades reflect the lack of mitigants to loan servicing or payment disruption risk in the transactions. Access Group, Inc. acts as both administrator and primary servicer responsible for collecting on the underlying loans.

These transactions have no back-up servicer, back-up administrator arrangement or third party in place to facilitate a servicing transfer. The lack of such back-up arrangements increases the risk of deterioration in the collateral performance and could lead to a payment default in the event that Access Group is no longer able to administer these transactions and service the underlying collateral of these transactions. Moody's now caps the ratings of transactions exposed to such risk at Aa3(sf) for FFELP student loan-backed transactions and at Baa1(sf) for private student loan-backed transactions.

Moody's downgraded the notes issued by Access Group 2005-A and 2005-B to Baa2 (sf) because, in addition to the lack of a back-up servicer and administrator, both trusts benefit from a basis risk swap, which could be terminated and reduce excess spread generated by the trusts if non-performance of the servicer or administrator caused a payment disruption.

Moody's downgraded the subordinate notes from Access Group 2002-A, 2003-A and 2004-A to B2 (sf), Ba2 (sf) and Baa2 (sf) primarily because of deterioration in collateral performance. Despite the significant seasoning of the underlying collateral in these transactions, delinquencies and annualized defaults have remained elevated relative to the pre-2008 levels, causing Moody's to revise its expected lifetime net losses to 12% for Access Group 2002-A, 11.2% for Access Group 2003-A and 11.2% for 2004-A. In addition, because a large proportion of these transactions are auction rate securities, the downgrades of the senior notes will lead to an increase in their coupon rates. Auction rate securities represent approximately 90%, 89% and 42% of the total outstanding notes in the 2002-A, 2003-A and 2004-A transactions, respectively. Following the dislocation of the auction rate market in the beginning of 2008, the coupon rates on these notes have been reset to a "failed-auction" rate, which depends (among other things) on the credit ratings of the notes. Because we are downgrading the senior notes to Baa1 (sf), their coupon rates will increase to T-bill plus 1.75% from T-bill plus 1.25%.

The principal methodology used in rating actions on private student loan-backed securitizations was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities", published on January 6th, 2010 and is available at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies sub-directory on Moody's website.

In monitoring securitizations backed by FFELP student loans, Moody's assesses both liquidity and credit risks of the transactions. The factors affecting liquidity and credit performance of a transaction include defaults, guarantor reject rates, voluntary prepayments, basis risk, borrower benefit utilization, and the number of borrowers in non-repayment status, such as deferment and forbearance. As a part of our analysis, we examine historical FFELP static pool performance data. To the extent that performance data is available from a specific issuer, that information is used to arrive at our cash flow assumptions for that particular issuer. If an issuer's data are either limited or unavailable, our assumptions are based on FFELP performance data received from other participants.

Historical interest rates and spreads are also analyzed to evaluate the basis risk between the interest rate to which the notes are indexed and the interest rate to which the FFELP loans are indexed. This historical data is used to derive at expected, or most likely, outcome for each variable. These expected defaults, prepayments, interest rates, and other assumptions are then stressed in accordance with the rating categories requested by the issuer. Factors that influence the stress levels include the availability of relevant issuer-specific performance data, the seasoning of the loans, collateral concentrations (school types, loan programs), the financial strength and stability of the servicer, and the general economic environment.

These stressed assumptions are then incorporated into a cash flow model that takes into account the FFELP loan characteristics as well as structural (e.g., starting parity, cash flow waterfall, bond tranching, etc.) and pricing features of the transaction. The cash flow model outputs are analyzed to determine whether the transaction as structured by the issuer has sufficient credit protection to pay off the notes by their legal final maturity dates. In certain circumstances where cash flow runs are not available, we rely on model results from similar transactions. We also analyze the liquidity risk of the transaction given that borrowers can be in non-repayment status while in school, grace, deferment or forbearance status, and the transaction can experience delays in default reimbursement and other payments. Basis risk is the primary credit risk in FFELP student loan ABS. Moody's Aaa (sf) stressed basis risk assumption between LIBOR and the CP Rate is 25 basis points with certain periods in which the spread increases to 150 basis points. This is based on an analysis of historical spreads between the two indices. For additional information, please see "Methodology Update on Basis Risk in FFELP Student Loan-Backed Securitization," on moodys.com. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's also took into account its Rating Implementation Guidance "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published in April 2011.

RATINGS:

Complete actions are as follows:

Issuer: Access Group Inc. - Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-2

2005-2-A-1, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-2-A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-2-A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-2-A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group Inc. Federal Student Loan Asset-Backed Notes, (2002 Trust Indenture)

Senior Ser. 2002-1 Cl. A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2002-1 Cl. A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2002-1 Cl. A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1 Cl. A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1 Cl. A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1 Cl. A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003 Cl. A-5, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-1 Cl. A-6, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-1A-1, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-1A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-1A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-1A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-1A-5, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group Inc. Private Student Loan asset-Backed Floating Rate Notes, Series 2005-B

2005-B Cl. A-2, Downgraded to Baa2 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-B Cl. A-3, Downgraded to Baa2 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-B Cl. B-2, Downgraded to Baa2 (sf); previously on Apr 14, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group Inc., Series 2006-1

2006-1-A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2006-1-A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2006-1-A-1, Withdrawn (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-1

2005-1-A-1, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-1-A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-1-A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-1-A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Private Student Loan Asset-Backed Floating Rate Notes, Series 2007-A

2007-A-A-2, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-A-A-3, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-A-B, Downgraded to Baa1 (sf); previously on Apr 14, 2011 A3 (sf) Placed Under Review for Possible Downgrade

2007-A-A-1, Withdrawn (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Series 2001

Cl. I A-2 Group I, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. II A-1 Group II, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Baa1 (sf); previously on Apr 14, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Series 2002-A

Senior Ser. 2002-A Cl. A-1, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Subordinate 2002-A Cl. B, Downgraded to B2 (sf); previously on Apr 14, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Series 2004-2

2004-2-A-1, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-2-A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-2-A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-2-A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2004-2-A-5, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Series 2007-1

2007-A-2, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-A-3, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-A-4, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-A-5, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2007-B, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc. Series 2008-1

2008-1 Cl. A, Downgraded to Aa3 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc., Private Student Loan Asset-Backed Floating Rate Notes, Series 2005-A

2005-A-A-2, Downgraded to Baa2 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

2005-A-A-3, Downgraded to Baa2 (sf); previously on Apr 14, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc., Private Student Loan Asset-Backed Notes, Series 2004-A

A-2, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

A-3, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

A-4, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

B-1, Downgraded to Baa2 (sf); previously on Apr 14, 2011 A3 (sf) Placed Under Review for Possible Downgrade

B-2, Downgraded to Baa2 (sf); previously on Apr 14, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: Access Group, Inc., Series 2003-A

Senior Ser. 2003-A Cl. A-1, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-A Cl. A-2, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-A Cl A-3, Downgraded to Baa1 (sf); previously on Apr 14, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Senior Ser. 2003-A Cl. B, Downgraded to Ba2 (sf); previously on Feb 24, 2011 A2 (sf) Placed Under Review for Possible Downgrade

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

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

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

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

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

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

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

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

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

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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

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

Please see 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.

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 downgrades 56 notes in 14 Access Group's student loan deals
No Related Data.
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