OREANDA-NEWS. April 01, 2015. Fitch Ratings affirms the College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002) senior student loan bonds at 'AAAsf' and the subordinate bonds at 'A+sf'. The Rating Outlook on the senior and subordinate notes remains Stable.

KEY RATING DRIVERS

Collateral Quality: The trust is collateral consist of 100% Federal Family Education Loan Program (FFELP) student loans all of which are consolidation loans. The credit quality of the trust is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Sufficient Credit Enhancement: Credit enhancement is provided by overcollateralization and excess spread. The class A notes also benefit from subordination from the class B notes. Senior and total parity is at 111.29% and 105.82%, respectively, as of Dec. 31, 2014. The transaction is structured with a cash release level of 107% for senior parity and 100.5% for total parity in addition to a required overcollateralization amount of \\$5 million. As such, Fitch only gives credit up to the release level for the notes.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account which is currently at \\$24.1 million.

Acceptable Servicing Capabilities: Xerox Education Services, LLC, doing business as ACS Education Services (XES) and Great Lakes are responsible for servicing the trust. Fitch believes XES and Great Lakes is an acceptable servicer of FFELP student 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 affirmed the following ratings:

College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002)
--Series 2002-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2002-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-11 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-12 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-13 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-16 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-21 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-22 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-23 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-24 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-25 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-26 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-27 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-28 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-29 at 'AAAsf'; Outlook Stable;
--Series 2002-2 A-30 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-2 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-3 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-6 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-7 at 'AAAsf'; Outlook Stable;
--Series 2003-1 A-8 at 'AAAsf'; Outlook Stable;
--Series 2004-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-3 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2005-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-4 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-5 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-6 at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-7A at 'AAAsf'; Outlook Stable;
--Series 2006-1 A-7B at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-1 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-2 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-3 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-4 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-5 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-6 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-8 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-10 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-11 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-12 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-13 at 'AAAsf'; Outlook Stable;
--Series 2007-2 A-14 at 'AAAsf'; Outlook Stable.
--Series 2002-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2002-2 B-4 at 'A+sf'; Outlook Stable;
--Series 2003-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2004-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2005-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2006-1 B-1 at 'A+sf'; Outlook Stable;
--Series 2007-2 B-1 at 'A+sf'; Outlook Stable.