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Related Issuers

SLM Private Credit Student Loan Trust 2002-A

SLM Private Credit Student Loan Trust 2003-A

SLM Private Credit Student Loan Trust 2003-B

SLM Private Credit Student Loan Trust 2003-C

SLM Private Credit Student Loan Trust 2004-A

SLM Private Credit Student Loan Trust 2004-B

SLM Private Credit Student Loan Trust 2005-A

SLM Private Credit Student Loan Trust 2005-B

SLM Private Credit Student Loan Trust 2006-A

SLM Private Credit Student Loan Trust 2006-B

SLM Private Credit Student Loan Trust 2006-C

SLM Private Education Loan Trust 2009-CT

SLM Private Education Loan Trust 2010-A

SLM Private Education Loan Trust 2010-B

SLM Private Education Loan Trust 2010-C

SLM Private Education Loan Trust 2011-A

SLM Private Education Loan Trust 2011-B

SLM Private Education Loan Trust 2011-C

SLM Private Education Loan Trust 2012-A

SLM Private Education Loan Trust 2012-B

SLM Private Education Loan Trust 2012-C

SLM Private Education Loan Trust 2012-D

SLM Private Education Loan Trust 2012-E

SLM Private Education Loan Trust 2013-A

Related Research

	Rating Action: Moody's upgrades three tranches in SLM Private Credit Student Loan Trust
	Rating Action: Moody's takes rating actions on SLM Private Credit Student Loan Securitizations
	Rating Action: Moody's upgrades 6 tranches in SLM and Navient Private Education Loan Trusts
	Rating Action: Moody's takes rating actions on SLM Private Credit Student Loan Securitizations
	Announcement: Moody's: No ratings impact on SLM student loan trusts following amendment of the limited liability company operating agreement

Rating Action:

Moody's takes various actions on 71 classes of notes from 24 Sallie Mae private student loan securitizations

15 Oct 2013

Approximately $15.7 billion of asset-backed securities affected

NOTE: On October 17, 2013, the press release was revised as follows: The secondary contact was amended to: John Park MD – Structure Finance. Revised release follows.

New York, October 15, 2013 -- Moody's Investors Service has confirmed 57 classes of notes, placed on review for downgrade one class of notes and placed on review for upgrade thirteen classes of notes from 24 private student loan securitizations sponsored, administered and currently serviced by Sallie Mae, Inc., a wholly-owned subsidiary of SLM Corporation (SLM). The underlying collateral consists of private credit student loans that are not guaranteed or reinsured under either the Federal Family Education Loan Program (FFELP) or any other federal student loan program.

RATINGS RATIONALE

Today's confirmations, which conclude the watch action announced in May 2013, are the result of SLM's disclosure on 9 September 2013 that servicing of the existing private loan securitizations will be performed at the education loan management business rather than the consumer banking business. The education loan management business has sufficient scale and franchise value to remain intact even during severely stressed economic conditions. This arrangement significantly reduces the operational risk and the risk of the future servicing disruption for SLM's private student loan securitizations.

On 29 May 2013 SLM announced its intention to separate its education loan management business and consumer banking business. The private student loans would be serviced by the entity holding the consumer banking business, which is considerably smaller and less diversified than SLM in its current integrated form. Because the securitizations do not include back-up servicing provisions, the small scale and lack of diversification of the consumer banking business would increase the probability of servicing disruption, which would negatively affect performance of the underlying private student loan pools. As a result, the notes were placed on review for downgrade. The revised arrangement disclosed on 9 September 2013, however, mitigates the operational risk in SLM's private student loan securitizations.

Today's reviews for downgrade and upgrade were prompted by correction of the cash flow models we used in our June 2011 rating actions. The models had incorrectly calculated principal distribution amount to various classes of notes and paid interest on subordinate notes when the cash should have been distributed to senior notes as principal payment. The correction of the models is expected to have a generally positive impact on senior notes and a generally negative impact on subordinate notes.

During the review period, Moody's will refine the lifetime defaults for the transactions and perform cash flow analysis in order to determine the appropriate ratings.

The principal methodology used in these rating actions was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities", published on 6 January 2010, and "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk", published on 28 June 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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.

RATINGS

Issuer: SLM Private Credit Student Loan Trust 2002-A

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class B, Confirmed at Aa3 (sf); previously on May 30, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2003-A

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class C, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 9, 2011 Downgraded to Ba3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2003-B

Class A-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on May 30, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Class A-3, A3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to A3 (sf)

Class A-4, A3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to A3 (sf)

Class B, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2003-C

Cl. A-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on May 30, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Cl. A-4, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Cl. A-5, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Cl. B, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2004-A

Cl. A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aa1 (sf); previously on May 30, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2004-B

Cl. A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade.

Cl. B, Confirmed at Aa3 (sf); previously on May 30, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2005-A

Cl. A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aa1 (sf); previously on May 30, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aa2 (sf); previously on May 30, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2005-B

Cl. A-2, Confirmed at Aa1 (sf); previously on May 30, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aa1 (sf); previously on May 30, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aa3 (sf); previously on May 30, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B, A2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to A2 (sf)

Issuer: SLM Private Credit Student Loan Trust 2006-A

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aa1 (sf); previously on May 30, 2013 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on May 30, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2006-B

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aa2 (sf); previously on May 30, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Aa3 (sf); previously on May 30, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B, A2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to A2 (sf)

Issuer: SLM Private Credit Student Loan Trust 2006-C

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aa2 (sf); previously on May 30, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, A1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to A1 (sf)

Issuer: SLM Private Education Loan Trust 2009-CT

Floating Rate Class I-A Notes, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Floating Rate Class II-A Notes, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2010-A

Group I - Floating Rate Cl. I-A Notes, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Group II Floating Rate Cl. II-A Notes, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2010-B

Floating Rate Cl. A-2 Note, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Floating Rate Cl. A-3 Note, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2010-C

Cl. A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2011-A

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2011-B

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2011-C

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2A, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2B, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2012-A

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2012-B

Cl. A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2012-C

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2012-D

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2012-E

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2A, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2B, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Education Loan Trust 2013-A

Class A-1, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2A, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

Class A-2B, Confirmed at Aaa (sf); previously on May 30, 2013 Aaa (sf) Placed Under Review for Possible Downgrade

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

JingJing Dang
Vice President - Senior 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

John Park
MD – Structure Finance
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 takes various actions on 71 classes of notes from 24 Sallie Mae private student loan securitizations

No Related Data.

© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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.

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