OREANDA-NEWS. Fitch Ratings affirms the 'AAA' rating on the Class A notes of Access Funding 2010-A LLC. The Rating Outlook remains Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
Adequate Collateral Quality: The trust is collateralized by approximately \\$475.35 million of private student loans as of March 2015. The loans were originated by Access Group.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread. Senior and total parity ratio is 202.24%. The projected remaining defaults are expected to range between 12.0%-14.0%. A recovery rate of 20.0% was applied, which was determined to be appropriate based on data provided by the issuer.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services. Fitch believes the servicing operations are acceptable at this time.

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 build-up of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

Access Funding 2010-A LLC:
--Class A at 'AAAsf'; Outlook Stable.