Approximately $9.3 billion of asset-backed securities affected
New York, September 30, 2010 -- Moody's Investors Service downgraded 97 classes of notes in 15 National
Collegiate student loan securitizations backed by private (i.e.
not government guaranteed) student loans. The ratings of the notes
remain under review for further possible downgrade. First Marblehead
Data Services, Inc. (FMDS) and First Marblehead Education
Resources, Inc., (FMER) subsidiaries of First Marblehead
Corporation (FMC), are the administrator and the special servicer
of the transactions, respectively.
RATINGS RATIONALE
The downgrades were prompted by a significant deterioration in collateral
performance and the resulting erosion of parity levels (i.e.
the ratio of total assets to total liabilities) for all transactions,
as well as an upward restatement of the static pool default information
provided by FMC. Performance deterioration and data restatement
both contributed to Moody's increase of expected net losses to a
range of 24%-36% of the original pool balance plus
any prefunded amounts from a range of 15%-24% as
of March 2009.
As of the August 2010 distribution date, the more seasoned transactions
(i.e., those closed in 2004 or earlier), had
experienced cumulative gross defaults in excess of 18% of the original
pool balance. Although the more recent transactions (i.e.,
those closed in 2005 or later) have incurred lower cumulative defaults
to date, 17% to 45% of the pool balances in these
transactions have not entered repayment status, as the borrowers
are still in school. Those borrowers who will enter repayment status
in the next 2-3 years are likely to face weak employment perspectives,
which is likely to result in a continued trend of high delinquencies and
defaults.
High defaults have been eroding the collateral base and caused steady
declines in parity levels in all 15 securitizations. Between July
2009 and July 2010 the total parity, including the TERI pledge fund,
has decreased from a range of 92%-99% to a range
of 86%-95%. The decreases in the parity levels
are eroding excess spread needed to absorb losses and build up parity.
The loss of excess spread, in turn, is expected to result
in further declines in parity level.
Delinquent loan balances remain high in all transactions. Although
30-day past due loans as a percent of loans in active repayment
have declined from the 2009 peak levels of 8% to 20%,
they remain elevated, ranging from 5% to 14%.
The delinquency pipeline is expected to contribute to additional defaults
in the future.
FMC provides static pool cumulative default information by repayment year
and loan type on a quarterly basis. In May 2010, this information
was restated by FMC to reflect higher defaults, which also contributed
to our upward revisions of expected losses on the underlying collateral.
For example, in the restated data, the cumulative defaults
for December 2009 as a percentage of the total origination balance of
all repayment vintages have increased by approximately 35% for
DTC loans and by approximately 70% for the school channel loans.
The ratings of the notes will remain under review for further possible
downgrade until the conclusion of a third-party audit of this supplemental
performance information.
Available credit enhancement includes overcollateralization, reserve
funds, the TERI pledge fund, subordination, and excess
spread. Significant structural features include subordinate note
interest triggers, reserve fund floors, and the change in
cash flow allocations among the senior classes under the occurrence of
certain events . In particular, senior notes from most trusts
(other than the Master Trust, 2003-1, 2004-1,
2007-3 and 2007-4) benefit from the subordinate note interest
trigger event, which redirects interest payments on the subordinate
notes to principal payments on the senior notes. As of the August
25, 2010 distribution date, the Class C interest trigger was
in effect for the 2005-1 and 2005-2 transactions.
Notes issued by the Master Trust, 2007-3 and 2007-4
also benefit from financial guarantee insurance policies provided by Ambac
Assurance Corporation. Therefore, the ratings of the notes
reflect the higher of the guarantor's financial strength rating and the
underlying rating (i.e., absent consideration of the
guaranty) on the security.
The principal methodology used in National Collegiate Student Loan Trust
rating actions 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 addition, Moody's publishes a weekly
summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck.
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.
Our expected lifetime net losses as a percentage of the original pool
balance plus any loans added subsequently are approximately 23.9%,
28.6%, 26.3%, 31.2%,
25.8%, 31.2%, 28.6%,
29.2%, 35.9%, 30.7%,
36.2%, 33.4%, 34.4%,
33.9% and 33.8% respectively for the Master
Trust, 2003-1, 2004-1, 2004-2,
2005-1, 2005-2, 2005-3, 2006-1,
2006-2, 2006-3, 2006-4, 2007-1,
2007-2, 2007-3 and 2007-4 trusts. For
the trusts that do not benefit from any financial guarantee insurance
policy, the ratings of the most junior Class A tranches could be
upgraded in the future if the lifetime expected net losses are 10%
lower, or downgraded if the lifetime expected net losses are 10%
higher than the levels indicated above. The ratings of Class 2005AR-16
of the Master Trust and Class A-3-AR-7 of 2007-3
and 2007-4 will not be affected in the future if the lifetime expected
net losses are 10% lower or 10% higher than the levels indicated
above.
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 losses are the weak economic environment
and the high unemployment rate, which adversely impacts the income-generating
ability of the borrowers. Overall, Moody's central global
scenario remains "Hook-shaped" for 2010 and 2011; we expect
overall a sluggish recovery in most of the world largest economies,
returning to trend growth rate with elevated fiscal deficits and persistent
unemployment levels. The performance of DTC loans in particular
is highly sensitive to these factors. In addition, the historical
loss performance data available for these pools is relatively limited
particularly for the most recent securitizations, as over 90%
of the borrowers in the pools were still in school when the notes were
issued. Primary sources of uncertainty with regard to the ratings
of notes issued by the Master Trust, 2007-3 and 2007-4
are also linked to the future rating of Ambac Assurance Corporation.
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.
RATINGS
Complete actions are as follows:
Issuer: The National Collegiate Master Student Loan Trust I (2001
Indenture)
Ser. NCT-2002-AR9, Downgraded to Ba1 (sf) and
Placed Under Review for Possible Downgrade; previously on Jun 11,
2009 Confirmed at A3 (sf)
Ser. NCT-2002-AR-10, Downgraded to Ba2
(sf) and Placed Under Review for Possible Downgrade; previously on
Jun 11, 2009 Confirmed at A3 (sf)
NCT-2003AR-11, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
A3 (sf) Placed Under Review for Possible Downgrade
NCT-2003AR-12, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
A3 (sf) Placed Under Review for Possible Downgrade
NCT-2003AR-13, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
A3 (sf) Placed Under Review for Possible Downgrade
NCT-2003AR-14, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
A3 (sf) Placed Under Review for Possible Downgrade
NCT-2005AR-15, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
A3 (sf) Placed Under Review for Possible Downgrade
NCT-2005AR-16, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Apr 7, 2010
Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2003-1 (The)
Cl. A-7, Downgraded to Caa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A1 (sf) Placed
Under Review for Possible Downgrade
Cl. IO, Downgraded to Caa1 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 7, 2010 A1 (sf) Placed
Under Review for Possible Downgrade
Cl. B-1, Downgraded to Ca (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Caa3 (sf)
Placed Under Review for Possible Downgrade
Cl. B-2, Downgraded to Ca (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Caa3 (sf)
Placed Under Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2004-1
Cl. A-2, Downgraded to A3 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-3, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa3 (sf)
Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Caa3 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl. A-IO-2, Downgraded to Caa3 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
A2 (sf) Placed Under Review for Possible Downgrade
Cl. B-1, Downgraded to Ca (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Caa3 (sf)
Placed Under Review for Possible Downgrade
Cl. B-2, Downgraded to Ca (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Caa3 (sf)
Placed Under Review for Possible Downgrade
Issuer: The National Collegiate Student Loan Trust 2004-2
Cl. A-4, Downgraded to A1 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-5-1, Downgraded to Baa2 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
A2 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO, Downgraded to Baa2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B3 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba3 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-1
Cl. A-4, Downgraded to A1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa2 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5-1, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
A2 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-2, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
A2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to B3 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba2 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-2
Cl. A-4, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa3 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Baa1 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5-2, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Baa1 (sf)
Placed Under Review for Possible Downgrade
Cl. B, Downgraded to B3 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 B1 (sf) Placed Under Review
for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2005-3
Cl. A-4, Downgraded to A1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa3 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5-1, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5-2, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO-1, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO-2, Downgraded to Ba1 (sf) and Remains
On Review for Possible Downgrade; previously on Apr 7, 2010
Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba3 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-1
Cl. A-4, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa1 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. A-IO, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba3 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-2
Cl. A-2, Downgraded to Aa3 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-3, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa1 (sf)
Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to B1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. A-IO, Downgraded to B1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba3 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-3
Cl. A-4, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa2 (sf)
Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Baa2 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. IO, Downgraded to Baa2 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to Ba2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Baa2 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 B1 (sf) Placed Under Review
for Possible Downgrade
Cl. D, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 B3 (sf) Placed Under Review
for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2006-4
Cl. A-2, Downgraded to A1 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-3, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa1 (sf)
Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl.A-IO, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba2 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Caa3 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 7, 2010 B1 (sf) Placed
Under Review for Possible Downgrade
Cl. D, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-1
Cl. A-2, Downgraded to A1 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-3, Downgraded to Baa3 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa2 (sf)
Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to B1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl.A-IO, Downgraded to B1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A3 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba1 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to Caa3 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 7, 2010 B2 (sf) Placed
Under Review for Possible Downgrade
Cl. D, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Caa3 (sf) Placed Under
Review for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-2
Cl. A-2, Downgraded to A1 (sf) and Placed Under Review
for Possible Downgrade; previously on Mar 11, 2009 Downgraded
to Aa1 (sf)
Cl. A-3, Downgraded to Baa1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 Aa1 (sf)
Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl.A-IO, Downgraded to Ba1 (sf) and Remains On Review
for Possible Downgrade; previously on Apr 7, 2010 A2 (sf) Placed
Under Review for Possible Downgrade
Cl. B, Downgraded to B1 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Baa2 (sf) Placed Under
Review for Possible Downgrade
Cl. C, Downgraded to B2 (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 Ba2 (sf) Placed Under
Review for Possible Downgrade
Cl. D, Downgraded to Ca (sf) and Remains On Review for Possible
Downgrade; previously on Apr 7, 2010 B2 (sf) Placed Under Review
for Possible Downgrade
Issuer: National Collegiate Student Loan Trust 2007-3
Cl. A-2-AR-4, Downgraded to Ba1 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-1, Downgraded to Ba2 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-2, Downgraded to B1 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-3, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 13,
2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-4, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 13,
2009 Downgraded to Ba3 (sf)
Cl. A-3-AR-5, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Jul 29,
2009 Downgraded to B2 (sf)
Cl. A-3-AR-6, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 7,
2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3-L, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Jul 29, 2009
Downgraded to B2 (sf)
Cl-A-IO, Downgraded to Caa2 (sf) and Placed Under
Review for Possible Upgrade; previously on Jul 29, 2009 Downgraded
to B2 (sf)
Issuer: National Collegiate Student Loan Trust 2007-4
Cl. A-2-AR-4, Downgraded to Ba1 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-1, Downgraded to Ba2 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-2, Downgraded to B1 (sf)
and Placed Under Review for Possible Downgrade; previously on Apr
13, 2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-3, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 13,
2009 Downgraded to Baa3 (sf)
Cl. A-3-AR-4, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 13,
2009 Downgraded to Ba3 (sf)
Cl. A-3-AR-5, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Jul 29,
2009 Downgraded to B2 (sf)
Cl. A-3-AR-6, Downgraded to Caa2 (sf)
and Placed Under Review for Possible Upgrade; previously on Apr 7,
2010 Caa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3-L, Downgraded to Caa2 (sf) and Placed
Under Review for Possible Upgrade; previously on Jul 29, 2009
Downgraded to B2 (sf)
Cl. A-IO, Downgraded to Caa2 (sf) and Placed Under
Review for Possible Upgrade; previously on Jul 29, 2009 Downgraded
to B2 (sf)
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, confidential and proprietary Moody's
Investors Service information and confidential and proprietary Moody's
Analytics' information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of 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.
New York
JingJing Dang
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Irina Faynzilberg
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
Moody's downgrades 97 tranches in 15 National Collegiate student loan deals