OREANDA-NEWS. Fitch Ratings affirms the ratings of the outstanding notes issued by Access Group Inc., 2003-A Indenture of Trust. The Rating Outlook remains Stable for the senior notes and Negative for the subordinate notes. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS
Adequate Collateral Quality: The trust is collateralized by approximately $126.4 million of private student loans as of October 2015. The loans were originated by Access Group Inc. Projected remaining gross defaults are expected to be in the range of 8%-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 (OC; the excess of trust's asset balance over bond balance) and excess spread. Senior and total parity ratios are currently 159.84% and 101.81%, respectively.

Adequate Liquidity Support: Liquidity support is provided by a $400,000 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 affirmed the following ratings:

Access Group, Inc. Series 2003-A Indenture of Trust:
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable.
--Class B at 'Bsf'; Outlook Negative.