OREANDA-NEWS. Fitch Ratings has affirmed the ratings on the State of New York Higher Education Finance Authority (NYHEFA), New York Higher Education Loan Program Education Loan Revenue Bonds, 2009 series A (NYHELPs 2009-A) at 'A+sf'. The Rating Outlook remains Stable.

KEY RATING DRIVERS

Adequate Collateral Quality: As of April 30, 2015, the trust is collateralized by approximately $9.99 million fixed-rate private student loans originated by NYHEFA. NYHEFA originated new private student loans through the end of the origination period in May 2012. Based on the trust's performance, Fitch estimates remaining defaults to be 10%-12% of the current principal balance. Recovery is assumed to be 35% in Fitch's analysis.

Sufficient Credit Enhancement: Transaction credit enhancement (CE) is sufficient to provide loss coverage multiples corresponding to Fitch's 'A+' rating category. CE is provided by overcollateralization (OC; the excess of the trust's asset balance over the bond balance) and excess spread. The parity ratio (total assets to total liabilities) for NYHEFA 2009 series A is 140.80% as of April 30, 2015; however, credit was only given to the release level of 118%.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at $500,000.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Firstmark Services, LLC, which is a subsidiary of Nelnet, Inc. that specializes in alternative student loans. Firstmark Services, LLC 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.

DUE DILIGENCE USAGE

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

Fitch affirms the following ratings:

State of New York Higher Education Finance Authority (NYHEFA), New York Higher Education Loan Program Education Loan Revenue Bonds, 2009 series A (NYHELPs 2009-A):

--Serial 2015-1 at 'A+sf'; Outlook Stable;
--Serial 2015-2 at 'A+sf'; Outlook Stable;
--Serial 2015-3 at 'A+sf'; Outlook Stable;
--Serial 2016-1 at 'A+sf'; Outlook Stable;
--Serial 2016-2 at 'A+sf'; Outlook Stable;
--Serial 2016-3 at 'A+sf'; Outlook Stable;
--Serial 2017-1 at 'A+sf'; Outlook Stable;
--Serial 2017-2 at 'A+sf'; Outlook Stable;
--Serial 2018-1 at 'A+sf'; Outlook Stable;
--Serial 2018-2 at 'A+sf'; Outlook Stable;
--Serial 2019-1 at 'A+sf'; Outlook Stable;
--Serial 2019-2 at 'A+sf'; Outlook Stable;
--Serial 2020-1 at 'A+sf'; Outlook Stable;
--Serial 2020-2 at 'A+sf'; Outlook Stable;
--Term 2024 at 'A+sf'; Outlook Stable;
--Serial 2025 at 'A+sf'; Outlook Stable;
--Serial 2026-1 at 'A+sf'; Outlook Stable;
--Serial 2026-2 at 'A+sf'; Outlook Stable.