Fitch Comments on First Supplemental Indenture to ALL SLC Trusts
Access to Loans for Learning Student Loan Corporation has provided the First Supplemental Indentures for the Trusts, changing the available funds definitions in each trust to allow bankruptcy loans to be repurchased at par from the guarantors. Consistent with Fitch's statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.
Based on the information provided, Fitch has determined that the First Supplemental Indentures will not have a material impact on the existing ratings of the Trusts. This determination only addresses the effect of the First Supplemental Indentures on the current ratings assigned by Fitch to the Trusts. This determination does not address whether this change is permitted by the terms of the documents, nor does it address whether this change is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.
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