OREANDA-NEWS. Fitch Ratings has affirmed the class A notes and upgraded the class B notes to 'AAsf' from 'Asf' issued by SLM Private Credit Education Trust 2013-C (SLM 2013-C). The Rating Outlook remains Stable.

A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately \\$654.72 million of private student loans originated by Navient Corp. primarily under the Smart Option, Signature Education Loan, Direct-to-Consumer, and a small percentage from the Law, MBA, and MedLoans program. The projected remaining defaults are expected to range between 9%-11%. A recovery rate of 10% was applied which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by a combination of overcollateralization (OC; the excess of the trust's asset balance over the bond balance), excess spread, and subordination for the class A notes. As of the June 2015, senior and subordinate parity ratios are 162.30% and 141.35%, respectively. The trust currently cannot release any excess cash until it reaches its specified OC amount, which is the greater of 40% of the pool balance and \\$7,739,229.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately \\$1.93 million.

Satisfactory 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:

SLM Private Credit Education Trust 2013-C:

--Class A-1 at 'AAAsf'; Outlook Stable;
--Class A-2A at 'AAAsf'; Outlook Stable;
--Class A-2B at 'AAAsf'; Outlook Stable; and
--Class B to 'AAsf' from 'Asf'; Outlook Stable.