OREANDA-NEWS. Fitch Ratings has affirmed the student loan notes issued by Alaska Student Loan Corp. - 2002 Indenture of Trust (ASLC) series 2004, 2005, 2006 and 2007 at 'AAAsf'. The Rating Outlook is revised to Stable from Negative due to stable performance of the trust.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately \$110.55 million non-defaulted private student loans as of Dec. 31, 2014. The current Fitch calculated cumulative gross defaults, as a percent of the original repayment balance, are at 13.28% with approximately 32% pool factor. Additionally, Fitch calculated projected remaining defaults are in the 20% - 23% range.

Adequate Credit Enhancement: CE is provided by overcollateralization and excess spread. Current parity is 257.36% an increase from the last review at 211.28%. In addition, no cash is being released from the trust as rating agency confirmation is needed.

Liquidity Support: Liquidity is provided by a capital reserve fund currently at \$1,244,373.

Servicing Capabilities: Day to day servicing is provided by Alaska Commission on Postsecondary Education. Fitch believes the servicing operations are acceptable at this time.
The Outlook revision is due to the stable performance of the trust.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in credit enhancement and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

The collateral securing the bonds consists entirely of private student loans that have been originated under Alaska Student Loan Corporation's Private Student Loan Program.

Fitch has affirmed the following ratings:

Alaska Student Loan Corp. - 2002 Indenture of Trust:

--\$1,950,000 Series 2004 A-3 maturing on 6/1/2016 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$495,000 Series 2004 A-3 maturing on 6/1/2017 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2005 A maturing on 6/1/2015 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2005 A maturing on 6/1/2016 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$5,000,000 Series 2005 A maturing on 6/1/2017 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$4,250,000 Series 2005 A maturing on 6/1/2018 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2006 A-2 maturing on 6/1/2015 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2006 A-2 maturing on 6/1/2016 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2006 A-2 maturing on 6/1/2017 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$6,500,000 Series 2006 A-2 maturing on 6/1/2018 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$2,500,000 Series 2007 A-2 maturing on 6/1/2015 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$2,500,000 Series 2007 A-2 maturing on 6/1/2016 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$3,000,000 Series 2007 A-2 maturing on 6/1/2017 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$3,000,000 Series 2007 A-2 maturing on 6/1/2018 at 'AAAsf'; Outlook revised to Stable from Negative;
--\$500,000 Series 2007 A-2 maturing on 6/1/2019 at 'AAAsf'; Outlook revised to Stable from Negative.