OREANDA-NEWS. Fitch Ratings has downgraded the outstanding senior notes issued by Access Group Inc., 2005-A to 'AAsf' from 'AAAsf'. The Rating Outlook has been revised to Stable from Negative. The ratings of the subordinate notes are affirmed at 'BBsf', and the outlook remains Stable. The downgrade of the senior notes is based on loss coverage multiples that are no longer sufficient to maintain the current ratings. 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 $130.6 million of private student loans as of the end of the September 2015 collection period. The loans were originated by Access Group, Inc. Based upon the trust's performance, the projected remaining gross defaults are expected to be in the range of 9-11% of the current collateral balance. A recovery rate of 23.5% was applied, which was determined to be appropriate based on the latest data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization, excess spread, and for the senior notes, subordination provided by the subordinate notes. As of the October 2015 distribution, the senior and total parity ratios are 124.51% and 103%, respectively. The trust is releasing excess spread since it has reached its release total parity level of 103%.

Adequate Liquidity Support: Liquidity support is provided by a $1,000,000 capitalized interest account.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services. 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

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

Fitch has downgraded the following rating:

Access Group, Inc. Series 2005-A:
--Class A-3 to 'AAsf' from 'AAAsf'; Outlook revised to Stable from Negative.

Fitch has affirmed the following rating:

Access Group, Inc. Series 2005-A:
--Class B at 'BBsf'; Outlook Stable.