OREANDA-NEWS. Fitch Ratings affirms KeyCorp Student Loan Trust 2005-A (Group I)'s senior and subordinate notes at 'AAAsf' and 'Asf', respectively. The Rating Outlooks remain Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral comprises Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch's current U.S. sovereign rating is 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. As of February 2015, senior and total parity are 106.00% and 100.43% respectively, inclusive of the Reserve Account. The trust can release excess cash as long as a 100.00% total parity is maintained, exclusive of the Reserve Account.

Adequate Liquidity Support: Liquidity support is provided by a reserve account, currently funded to its floor of \$438,781.
Acceptable Servicing Capabilities: KeyBank N.A. is the Master Servicer, with the Pennsylvania Higher Education Assistance Agency (PHEAA) and Great Lakes Educational Loan Services, Inc. (Great Lakes) acting as Sub-Servicers. In Fitch's opinion, KeyBank N.A., PHEAA, and Great Lakes are acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since the 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 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 CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has affirmed the following:

KeyCorp Student Loan Trust 2005-A (Group I):
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class B at 'Asf'; Outlook Stable.