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Announcement:

Moody's places on review ratings of U.S. student loan ABS backed by FFELP student loans following the revised rating methodology

02 Apr 2012

Approximately $7.5 billion of asset-backed securities affected

On April 16 2012, the press release was revised as follows:The link to the detailed list of U.S. student loan ABS placed on review due to the new methodology was added to the original press release of April 2, 2012.Revised release follows:

New York, April 02, 2012 -- Moody's Investors Service has placed on review for possible downgrade the ratings of 189 tranches in 24 U.S. student loan transactions from eight issuers following the initial assessment of those transactions under the "Moody's Approach to Rating Securities Backed by FFELP Student Loans" methodology published on April 2. In addition, five subordinate tranches in five U.S. FFELP student loan transactions were placed on review for possible upgrade. The underlying pools consist of student loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed by the Department of Education for a minimum of 97% of defaulted principal and accrued interest.

RATINGS RATIONALE

34 tranches in 19 FFELP securitizations from four issuers were placed on review for possible downgrade as a result of increased expected defaults implemented in the new methodology. The underlying pools in these transactions consist mostly of unseasoned Stafford and Plus loans. While these loans have not experienced significant defaults to date, we expect that a substantial portion of the cumulative expected defaults will occur in the future. Most tranches placed on review are subordinate notes currently rated Aa or A.

155 tranches in five FFELP securitizations from four issuers were placed on review for possible downgrade due to the alignment of interest rate scenarios used in monitoring FFELP securitizations and in initial rating assignment. A portion of the liabilities in the affected securitizations are funded by tax-exempt auction rate securities. The coupon payments for such securities are a multiple of an interest rate index while the asset yield is equal to an index plus a spread. As a result, the securitizations will have a disproportionate increase in the coupon payments as compared to the asset yield in a high interest rate scenario. The ratings placed on review are mostly Aaa and A ratings.

We placed on review for possible upgrade five A-rated subordinate tranches in five FFELP securitizations because the sponsor has decided to change the interest rate index on the loans from three-month financial commercial paper to one-month LIBOR, which has a positive credit impact as it reduces basis risk in these securitizations. In the future, we may put on review for possible upgrade additional notes if issuers of certain 2012 and 2011 transactions change the loan index to one-month LIBOR.

The principal methodology used in rating actions was " Moody's Approach to Rating Securities Backed by FFELP Student Loans ", published on April 2nd, 2012 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.

For the detailed list of U.S. student loan ABS placed on review due to the new methodology, please use the link below:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF281732

RATINGS

Complete rating actions are as follows:

Issuer: Access Group, Inc. Series 2008-1

2008-1 Cl. A, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 7, 2011 Downgraded to Aa3 (sf)

2008-1 Cl. B, A1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2008 Definitive Rating Assigned A1 (sf)

Issuer: Educational Funding of the South, Inc. (1993 Indenture)

1997 A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1997 B, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jan 17, 1997 Assigned Aa2 (sf)

1995 A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1995 B, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1995 B-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1993 A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1998A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1998 B-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1999 A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1998 B-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior Ser. 2000 A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior Ser. 2000-B1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior Ser. 2000 B-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior Ser. 2000 B-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior Ser. 2000 B-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior 2001B-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior 2001-B3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior 2001B-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Senior 2001B-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2002 Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2002 Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2002 Cl. C-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 30, 2002 Assigned A2 (sf)

2003A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003B-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003B-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Educational Funding of the South, Inc. (2003 Indenture)

2003FL-A1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003FL-A2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003FL-C1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2009 Confirmed at A2 (sf)

2004FL-A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004FL-A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004FL-A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004FL-A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004FL-C-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2009 Confirmed at A2 (sf)

2005FL-A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2005FL-A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2005FL-A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2005FL-A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2005FL-C-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2009 Confirmed at A2 (sf)

2007-1-A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-A-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-A-8, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-A-9, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-A-10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

2007-1-B, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2009 Confirmed at Aa2 (sf)

2007-1-A-11, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Michigan Higher Education Student Loan Authority (Series XII)

99 Ser. XII-R-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to A3 (sf)

96 Ser. XII-N, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Assigned A3 (sf)

99 Ser. XII-R-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to A3 (sf)

00 Ser. XII-U, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to A3 (sf)

03 Ser. XII-Z2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to A3 (sf)

03 Ser. XII-Z3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to A3 (sf)

Issuer: Mississippi Higher Education Assistance Corporation, 1993 Trust Indenture

Class B, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

1996A due 9/1/2016, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Nelnet Student Loan Trust 2008-1

Cl. B, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 11, 2008 Definitive Rating Assigned A2 (sf)

Issuer: Nelnet Student Loan Trust 2008-4

Cl. B, A3 (sf) Placed Under Review for Possible Downgrade; previously on May 20, 2008 Definitive Rating Assigned A3 (sf)

Issuer: New Mexico Educational Assistance Foundation - Education Loan Bonds (2010 Indenture)

Series 2010-1 A-1-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-7, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-8, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-9, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-11, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Series 2010-1 A-1-12, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Pennsylvania Higher Education Assistance Agency (1997 Indenture)

Series C, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Series D, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2000F-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2000F-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sub. Ser. 2000G, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Sr. Ser. 2000H, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2000J-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2000J-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2000J-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sub. Ser. 2000K, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Sr. Ser. 2001L-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. Ser. 2001L-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sub. Ser. 2001-M, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Senior Ser. 2002N-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002N-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sub. Ser. 2002O, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Senior Ser. 2002-R-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-R-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002T-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior 2002-T-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-T-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-T-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior 2002-T-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-U, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Senior Ser. 2002V-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-V-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-V-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Senior Ser. 2002-V-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. 2003-W-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sr. 2003-W-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Sub. 2003-X, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

2003Y-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2003Y-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2003Y-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2003Y-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004-Z1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004Z-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004Z-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004AA-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004AA-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004BB-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004BB-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004BB-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2004BB-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005CC-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005CC-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005DD-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005DD-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005EE-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005EE-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005EE-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005EE-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005FF, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

2005GG-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005GG-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005GG-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005GG-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2005GG-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-7, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-8, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-9, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006HH-10, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006II-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

2006JJ-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-7, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-8, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-9, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006JJ-10, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2006KK, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

2007LL-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-7, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-8, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-9, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007LL-10, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007MM-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

2007NN, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Issuer: SLC Student Loan Trust 2008-2

Class A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 27, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-1

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jan 27, 2006 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-3

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-2

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-3

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 15, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-7

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Nov 12, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-1

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-2

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 11, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-3

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 4, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-4

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 18, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-5

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on May 1, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-6

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-7

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 3, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-8

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 5, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-9

Class B, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 29, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2010-1

Class B Notes, A3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 20, 2010 Definitive Rating Assigned A3 (sf)

Issuer: SLM Student Loan Trust 2010-2

Class B Notes, A3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 26, 2010 Definitive Rating Assigned A3 (sf)

Issuer: SLM Student Loan Trust 2011-1

Class B Notes, A2 (sf) Placed Under Review for Possible Upgrade; previously on Mar 3, 2011 Assigned A2 (sf)

Issuer: SLM Student Loan Trust 2011-2

Class B, A3 (sf) Placed Under Review for Possible Upgrade; previously on May 26, 2011 Definitive Rating Assigned A3 (sf)

Issuer: SLM Student Loan Trust 2011-3

Floating Rate Class B Notes, A3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 18, 2011 Definitive Rating Assigned A3 (sf)

REGULATORY DISCLOSURE

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com

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.

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

Irina Faynzilberg
VP - Senior Credit Officer
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 places on review ratings of U.S. student loan ABS backed by FFELP student loans following the revised rating methodology
No Related Data.
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