Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's downgrades 97 tranches in 15 National Collegiate student loan deals

30 Sep 2010

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
No Related Data.
© 2018 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. 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 or in preparing the Moody’s publications.

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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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 rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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