OREANDA-NEWS. Fitch Ratings has affirmed the following ratings:

SLM Student Loan Trust, Series 2012-1
---Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook revised to Negative from Stable;
--Class B at 'AAsf'; Outlook revised to Negative from Stable.

SLM Student Loan Trust, Series 2012-8
---Class A at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable.

The Rating Outlook revision is due to Fitch's belief that the outstanding notes carry a heightened level of maturity risk. Based on Fitch's cash flow modelling runs, the notes were not paid in full by their legal final maturity dates in a stressed scenario. Under such scenarios, this may result in technical defaults, although Fitch would expect ultimate repayment of full principal and interest afterwards.

KEY RATING DRIVERS
High Collateral Quality: The trusts' collateral are comprised of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. sovereign 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: Credit Enhancement (CE) is provided by excess spread and for the class A notes, subordination of the class B notes. As of September 2015, total and senior parity ratios are 101.01% (1% CE) and 106.22% (5.86% CE) for SLM 2012-1; 104.71% (4.50% CE) and 108.73.7% (8.03% CE) for SLM 2012-8. The trusts will continue to release cash as long as the target parity ratios are maintained.

Adequate Liquidity Support: Liquidity support is provided by reserve accounts sized at $1,188,421 and $2,947,612 for the SLM 2012-1 and SLM 2012-8 trusts, respectively.

Acceptable Servicing Capabilities: Day to day servicing is provided by Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), In Fitch's opinion, Navient is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES
Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

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