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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

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Rating Action:

Moody's upgrades twelve classes of bonds issued by Rhode Island Student Loan Authority

27 Jul 2012

Approximately $139 million asset-backed securities affected

New York, July 27, 2012 -- Moody's Investors Service has upgraded twelve classes of bond issued by Rhode Island Student Loan Authority under a master indenture established as of January 1, 2004. The underlying collateral consists of a pool of private student loans that are not guaranteed or reinsured under the Federal Family Education Loan Program (FFELP) or any other federal student loan program.

RATINGS RATIONALE

The primary driver for the upgrade is the continued build-up in credit enhancement, shown as the total parity ratio, i.e. the ratio of total assets to total liabilities. The total parity has increased from 106.6% in 2008 to 120.2% as of the most recent reporting date. In addition, an amendment of the transaction documents increased the target parity level from 103% to 117%. After the amendment, even if the bond insurer agreed with the release of excess cash, the parity after release has to be at least 117%, further reducing negative credit impact due to excess cash release.

Available credit enhancement to the transactions includes overcollateralization, reserve funds, and excess spread. Significant structural features include a reserve fund floor, which results in a build-up in credit enhancement as a percentage of the amortizing pool balance.

Our expected remaining net loss as a percentage of the remaining pool balance is approximately 7.4%. The ratings of the 2004 A-2 tranche could be upgraded in the future if the expected remaining net loss is 10% lower, or downgraded if the expected remaining net loss is 10% higher. Further upgrade is possible in the future depending on the information we receive regarding the cumulative default information by repayment year and loan type.

The principal methodology used in these rating actions was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities", published on January 6th, 2010 and 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.

To assess rating implications of the higher expected losses, each individual transaction was run through a variety of stress scenarios using the Structured Finance Workstation® (SFW), a cash flow model developed by Moody's Wall Street Analytics.

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 loss are the weak economic environment and the high unemployment rate, which adversely impacts the income-generating ability of the borrowers.

RATINGS

Issuer: Rhode Island Student Loan Authority (2004 Indenture)

2004-A2, Upgraded to Baa1 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-8, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-9, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-10, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-11, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-12, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2004-A3-13, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2006 Ser. 1, Upgraded to Baa1 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2006 Ser. 2, Upgraded to Baa1 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2006 Ser. 3-1, Upgraded to A2 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2006 Ser. 3-2, Upgraded to Baa1 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

2006 Ser. 3-3, Upgraded to Baa1 (sf); previously on Mar 12, 2012 B2 (sf) Placed Under Review for Possible Upgrade

REGULATORY DISCLOSURES

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 rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

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 this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

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 the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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

John Park
MD - Structured 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 upgrades twelve classes of bonds issued by Rhode Island Student Loan Authority
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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