OREANDA-NEWS. Fitch Ratings affirms the Access Group, Inc. 2002 Indenture of Trust senior notes at 'AAAsf' and the subordinate notes at 'B-sf'. The Rating Outlook remains Stable for all the notes.

KEY RATING DRIVERS

High Collateral Quality
The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED). The current U.S. sovereign rating is 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement
Credit enhancement is provided by excess spread and overcollateralization. Additionally the class A notes benefit from subordination provided by the class B notes. As of January 2015, the total and senior parity levels remains at 98.15% and 105.89%, respectively. No cash is currently being released from the trust given the trust has not reached its release level threshold of 101% total parity.

Adequate Liquidity Support
Liquidity support is provided by a capitalized interest account where the balance is determined as the greater of 0.25% of the outstanding notes and \$2,862,081 (0.15% of the original total note balance).

Acceptable Servicing Capabilities
ACS, as the servicer, is responsible for the day-to-day servicing of this trust. In Fitch's opinion, ACS is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS relies 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 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 affirmed the following ratings:

Senior Notes:
--2002-1 A-3 at 'AAAsf'; Outlook Stable;
--2002-1 A-4 at 'AAAsf'; Outlook Stable;
--2003-1 A-3 at 'AAAsf'; Outlook Stable;
--2003-1 A-4 at 'AAAsf'; Outlook Stable;
--2003-1 A-5 at 'AAAsf'; Outlook Stable;
--2003-1 A-6 at 'AAAsf'; Outlook Stable;
--2004-1 A-2 at 'AAAsf'; Outlook Stable;
--2004-1 A-3 at 'AAAsf'; Outlook Stable;
--2004-1 A-4 at 'AAAsf'; Outlook Stable;
--2004-1 A-5 at 'AAAsf'; Outlook Stable.

Subordinate Notes:
--2002-1 B at 'B-sf'; Outlook Stable;
--2003-1 B at 'B-sf'; Outlook Stable;
--2004-1 B at 'B-sf'; Outlook Stable.