OREANDA-NEWS. Fitch Ratings affirms the existing ratings of the notes issued by Goal Capital Funding Trust 2005-2 at 'AAAsf' for the class A notes and 'A+sf' for the class B notes. The Rating Outlook for all notes is Stable.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust collateral consists of 100% FFELP student loans. In Fitch's opinion, the credit quality of the trust collateral is high based on the guarantees provided by the transaction's eligible guarantors and the reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest for the FFELP loans.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC), or the excess of the trust's asset balance over the note principal balance and excess spread. The senior and total parity ratio are 107.93% and 102.0%, respectively, as of Jan. 31, 2015. The Class A notes also benefit from subordination provided by the class B notes.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of \$1,467,647 or 0.25% of the pool balance.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by the Pennsylvania Higher Education Assistance Agency's (PHEAA) and Xerox Education Services LLC, both of which Fitch deems to be acceptable servicers of FFELP loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

Goal Capital Funding Trust 2005-2:
--Class A-3 affirmed at 'AAAsf', Outlook Stable;
--Class A-4 affirmed at 'AAAsf', Outlook Stable;
--Class B affirmed at 'A+sf', Outlook Stable.