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Rating Action:

Moody's places on review for downgrade ratings of National Collegiate student loan notes

07 Apr 2010

Approximately $6.1 billion of Asset-Backed Securities affected.

New York, April 07, 2010 -- Moody's Investors Service placed under review for possible downgrade the ratings on 75 classes of notes in 15 National Collegiate student loan securitizations backed by private (i.e. non-government guaranteed) student loans. First Marblehead Data Services, Inc. and First Marblehead Education Resources, Inc., subsidiaries of First Marblehead Corporation, are the administrator and special servicer respectively of the transactions.

The reviews were prompted by worse than expected collateral performance, and in particular by the higher than expected defaults to date for loans originated through school financial aid offices as well as those originated through the direct-to-consumer (DTC) channel. DTC loans accounted for up to 80-90% of most pools at closing. As of the February 28, 2010 distribution date, the more seasoned pools securitized in 2001-2004 had experienced in excess of 15% cumulative gross defaults, as a percent of the original collateral balance including cumulative capitalized interest; the pool factors for these transactions are still in the 50-60% range. The more recent pools securitized after 2005, on the other hand, have incurred lower cumulative defaults to date; however, 30% to 50% (depending on the pool) of the loans are still "in school" status.

The elevated defaults have significantly eroded the collateral base as shown by the steady decline in parity level (i.e. the ratio of total assets to total liabilities) for all securitizations. Total parity including the TERI pledge fund has decreased from 96-98% as of February 2009 to 90-94% as of February 2010 for the more seasoned transactions.

The available credit enhancement for each class of notes includes overcollateralization, reserve fund, TERI pledge fund, subordination, and excess spread. Significant structural features include note interest triggers, reserve fund floors, and the change in cash flow allocations among the senior classes under the occurrence of certain events.

During the review period, Moody's will continue to refine its assessment of losses relative to the credit enhancement available.

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. 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.

The principal methodology used in these rating actions was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities" 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.

The complete rating actions are as follows:

Issuer: The National Collegiate Master Student Loan Trust I (2001 Indenture)

NCT-2003AR-11, A3 Placed Under Review for Possible Downgrade; previously on Jun 11, 2009 Confirmed at A3

NCT-2003AR-12, A3 Placed Under Review for Possible Downgrade; previously on Jun 11, 2009 Confirmed at A3

NCT-2003AR-13, A3 Placed Under Review for Possible Downgrade; previously on Jun 11, 2009 Confirmed at A3

NCT-2003AR-14, A3 Placed Under Review for Possible Downgrade; previously on Jun 11, 2009 Confirmed at A3

NCT-2005AR-15, A3 Placed Under Review for Possible Downgrade; previously on Jun 11, 2009 Confirmed at A3

NCT-2005AR-16, Ba3 Placed Under Review for Possible Downgrade; previously on Apr 13, 2009 Downgraded to Ba3

Issuer: National Collegiate Student Loan Trust 2003-1 (The)

Cl. A-7, A1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A1

Cl. IO, A1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A1

Cl. B-1, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Cl. B-2, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2004-1

Cl. A-3, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Aa3

Cl. A-4, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. A-IO-1, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. A-IO-2, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. B-1, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Cl. B-2, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: The National Collegiate Student Loan Trust 2004-2

Cl. A-5-1, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. A-IO, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. B, Ba3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba3

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2005-1

Cl. A-4, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Aa2

Cl. A-5-1, A2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A2

Cl. A-5-2, A2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A2

Cl. B, Ba2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Ba2

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2005-2

Cl. A-3, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa1

Cl. A-4, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa3

Cl. A-5, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Baa1

Cl. A-5-2, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Baa1

Cl. A-IO, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Baa1

Cl. B, B1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to B1

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2005-3

Cl. A-4, Aa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa3

Cl. A-5-1, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Baa1

Cl. A-5-2, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Baa1

Cl. A-IO-1, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Baa1

Cl. B, Ba3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba3

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Cl. A-IO-2, Baa1 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Baa1

Issuer: National Collegiate Student Loan Trust 2006-1

Cl. A-4, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa1

Cl. A-5, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl. A-IO, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl. B, Ba3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba3

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2006-2

Cl. A-3, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa1

Cl. A-4, A3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A3

Cl. A-IO, A3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A3

Cl. B, Ba3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba3

Cl. C, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2006-3

Cl. A-4, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Aa2

Cl. A-5, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl. IO, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl. B, Baa2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Baa2

Cl. C, B1 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at B1

Cl. D, B3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at B3

Issuer: National Collegiate Student Loan Trust 2006-4

Cl. A-3, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa1

Cl. A-4, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl.A-IO, A2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to A2

Cl. B, Ba2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba2

Cl. C, B1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to B1

Cl. D, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2007-1

Cl. A-3, Aa2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Aa2

Cl. A-4, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl.A-IO, A3 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A3

Cl. B, Ba1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Ba1

Cl. C, B2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to B2

Cl. D, Caa3 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Caa3

Issuer: National Collegiate Student Loan Trust 2007-2

Cl. A-3, Aa1 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Aa1

Cl. A-4, A2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A2

Cl.A-IO, A2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at A2

Cl. B, Baa2 Placed Under Review for Possible Downgrade; previously on Mar 11, 2009 Downgraded to Baa2

Cl. C, Ba2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at Ba2

Cl. D, B2 Placed Under Review for Possible Downgrade; previously on Mar 12, 2009 Confirmed at B2

Issuer: National Collegiate Student Loan Trust 2007-3

Cl. A-3-AR-6, Caa1 Placed Under Review for Possible Downgrade; previously on Jul 29, 2009 Downgraded to Caa1

Issuer: National Collegiate Student Loan Trust 2007-4

Cl. A-3-AR-6, Caa1 Placed Under Review for Possible Downgrade; previously on Jul 29, 2009 Downgraded to Caa1

Please see www.moodys.com for more information.

New York
Luisa De Gaetano
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
JingJing Dang
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places on review for downgrade ratings of National Collegiate student loan notes
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