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Rating Action:

Moody's upgrades seven subordinated classes in Access Group's private student loan deals and places under review for possible downgrade one class

24 Feb 2011

Approximately $330 million of asset-backed securities affected

New York, February 24, 2011 -- Moody's Investors Service upgraded seven classes of subordinated notes from six Access Group Inc. securitizations backed by private student loans extended mainly to graduate students. Moody's has also placed on review for possible downgrade Class B notes from the 2003A transaction. Access Group is the administrator and servicer of the trusts.

RATINGS RATIONALE

The upgrades result from a correction of Moody's analysis regarding available credit enhancement. Previous rating actions inadvertently failed to include credit enhancement from the cash in the collection, principal and interest accounts. The analysis has been updated to include this additional enhancement, and today's rating actions reflect this correction.

Although Moody's expected defaults for each transaction have increased to 9.5 to 12% from 8.8 to 11%, available credit enhancement, including overcollateralization, capitalized interest account, excess spread, cash in other trust accounts and subordination for senior notes, more than offsets the slightly negative trends. Loans which are more than thirty days delinquent as a percent of loans in active repayment, i.e. borrowers are not in school, grace, deferment and forbearance, have increased since the second half of 2009 and remained elevated, ranging from 4 to 6%. Cumulative defaults to date are 10% or higher for the private portion of the 2001 deal, approximately 8% for the 2002A and 2003A deals, and between 4-6% for the remaining deals. Most borrowers have exhausted the forbearance allowable under Access' forbearance policy, which will contribute to higher future defaults. We are increasing our expected lifetime default levels to a range of 10 to 14% for all the private student loan transactions.

Significant structural features include subordinate note interest triggers, capitalized interest account floors, and the change in cash flow allocations among the senior classes under the occurrence of certain events. In particular, senior notes benefit from the subordinate note interest and principal triggers, which both redirect cash flow allocations on the subordinate notes to the senior notes.

The principal methodology used in Access Group Inc. Private Student Loan trusts rating actions was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities", published on January 6th, 2010 and is available at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. 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.

Our expected lifetime net losses as a percentage of the adjusted original pool balance plus any loans added and cumulative capitalized interest subsequently are approximately 9.6%, 8.8%,8.8%,8.8%, 8.8%, 7.6% and 9.6% respectively for the 2001 Group II , 2002-A, 2003A, 2004A, 2005A, 2005-B and 2007A trusts. The ratings of the most junior Class A tranches could be upgraded in the future if the lifetime expected net losses are 10% lower, or downgraded if the lifetime expected net losses are 10% higher than the levels indicated above.

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

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics. Primary sources of uncertainty with regard to expected losses are the weak economic environment and the high unemployment rate, which adversely impacts the income-generating ability of the borrowers. Overall, Moody's central global scenario remains "Hook-shaped" for 2010 and 2011; we expect overall a sluggish recovery in most of the world largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

RATINGS

Issuer: Access Group, Inc., Federal Student Loan Asset-Backed Notes, Series 2001

Cl. B, Upgraded to A3; previously on Sep 30, 2009 Downgraded to Baa2

Issuer: Access Group, Inc. Series 2002-A

Subordinate 2002-A Cl. B, Upgraded to A2; previously on Sep 30, 2009 Downgraded to Ba1

Issuer: Access Group, Inc., Series 2003-A

Senior Ser. 2003-A Cl. B, A2 Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned A2

Issuer: Access Group, Inc., Private Student Loan Asset-Backed Notes, Series 2004-A

B-1, Upgraded to A3; previously on Sep 30, 2009 Downgraded to Baa1

B-2, Upgraded to A3; previously on Sep 30, 2009 Downgraded to Baa1

Issuer: Access Group, Inc., Private Student Loan Asset-Backed Floating Rate Notes, Series 2005-A

2005-A-B-1, Upgraded to Ba1; previously on Jun 30, 2009 Downgraded to B1

Issuer: Access Group Inc. Private Student Loan asset-Backed Floating Rate Notes, Series 2005-B

2005-B Cl. B-2, Upgraded to A3; previously on Jan 4, 2010 Assigned Baa3

Issuer: Access Group, Inc. Private Student Loan Asset-Backed Floating Rate Notes, Series 2007-A

2007-A-B, Upgraded to A3; previously on Jun 30, 2009 Downgraded to Baa1

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Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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

New York
John Park
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades seven subordinated classes in Access Group's private student loan deals and places under review for possible downgrade one class
No Related Data.
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