OREANDA-NEWS. Fitch Ratings has affirmed the ratings of the notes of KeyCorp Student Loan Trust 2004-A (Group II) at 'AAAsf' for class II-A-2, 'AAsf', for class II-B, 'BBBsf' for class II-C and 'CCsf' for class II-D. The Rating Outlook for the class A, and B notes remains Stable and the Outlook for the class C notes remains Negative. The Recovery Estimate for the class D notes remains at 0%.

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

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately \\$186.6 million private student loans as of June 2015. The loans were originated primarily by KeyBank, NA. The projected remaining defaults are expected to range between 15%-20% as a percentage of current principal balance. A recovery rate of 15% 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 overcollateralization, and the senior notes benefit from subordination provided by the junior notes. As of the June 2015 distribution, the class A, B, C, and D reported parity ratios are 319.08%, 186.27%, 111.81%, and 93.18% respectively. The parity ratios do not include the reserve account.

Liquidity Support: Liquidity support is provided by a reserve account sized at approximately \\$7.3 million.

Servicing Capabilities: Day-to-day servicing is provided by KeyBank, NA, Pennsylvania Higher Education Assistance Agency, and Great Lakes Educational Loan Services, Inc. Fitch believes the servicing operations are acceptable at this time.

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 bonds and may make certain bond 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.

Fitch has affirmed the following ratings:

KeyCorp Student Loan Trust 2004-A (Group II):
--Class II-A-2 at 'AAAsf'; Outlook Stable;
--Class II-B at 'AAsf'; Outlook Stable;
--Class II-C at 'BBBsf'; Outlook Negative;
--Class II-D at 'CCsf'; RE0%.