Fitch Affirms SLM Private Student Loan Trust 2002-A
A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
Collateral Quality: The trust is collateralized by approximately $154.69 million of private student loans originated by Navient Corp. under the Signature Education Loan Program, LAWLOANS program, MBALoans program, and MEDLOANS program. The projected remaining defaults are expected to range between 9%-11%. A recovery rate of 20% was applied, which was determined to be appropriate based on data provided by the issuer.
Credit Enhancement (CE): CE is provided by excess spread and the senior notes benefits from subordination provided by the junior notes. As of the June 16, 2015 distribution, the senior parity, subordinate parity and total parity ratios are 118.96%, 112.51% and 111.66% respectively, comparable to levels observed last year.
Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $1.73 million.
Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities
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 CE 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. Fitch will continue to monitor the performance of the trust
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
Fitch affirms the following ratings:
SLM Private Credit Student Loan Trust 2002-A
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable;
--Class C at 'Asf', Outlook Stable.
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