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
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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
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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
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Please see ratings tab on the issuer/entity page on Moodys.com
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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