OREANDA-NEWS. Fitch Ratings rates Massachusetts Educational Financing Authority (MEFA) Education Loan Revenue Bonds, Issue I, Series 2015B (federally taxable) as follows:

--$1,700,000, 2015B due 7/1/2017 'Asf'; Outlook Stable;
--$1,600,000, 2015B due 1/1/2018 'Asf'; Outlook Stable;
--$1,600,000, 2015B due 7/1/2018 'Asf'; Outlook Stable;
--$1,700,000, 2015B due 1/1/2019 'Asf'; Outlook Stable;
--$1,700,000, 2015B due 7/1/2019 'Asf'; Outlook Stable;
--$2,000,000, 2015B due 1/1/2020 'Asf'; Outlook Stable;
--$1,600,000, 2015B due 7/1/2020 'Asf'; Outlook Stable;
--$1,500,000, 2015B due 1/1/2021 'Asf'; Outlook Stable;
--$1,500,000, 2015B due 7/1/2021 'Asf'; Outlook Stable;
--$1,500,000, 2015B due 1/1/2022 'Asf'; Outlook Stable;
--$1,800,000, 2015B due 7/1/2022 'Asf'; Outlook Stable;
--$1,800,000, 2015B due 1/1/2023 'Asf'; Outlook Stable;
--$1,600,000, 2015B due 7/1/2023 'Asf'; Outlook Stable;
--$6,300,000, 2015B due 7/1/2025 'Asf'; Outlook Stable;
--$15,900,000, 2015B due 1/1/2030 'Asf'; Outlook Stable;
--$6,000,000, 2015B due 1/1/2031 'Asf'; Outlook Stable;
--$15,000,000, 2015B due 1/1/2032(Floating Rate) 'Asf';
Outlook Stable;
--$11,200,000, 2015B due 1/1/2032 'Asf'; Outlook Stable.

Fitch also confirms and affirms the ratings of the existing bonds in the Issue I trust.

KEY RATING DRIVERS

Adequate Collateral Quality: The master trust will be collateralized by approximately $555.4 million of existing fixed-rate private student loans originated with proceeds from certain earlier bond issuances and approximately $275 million of new fixed and variable rate private student loans to be originated from deal closing based on a loan origination schedule that will end Sept. 30, 2016. All existing loans have been credit tested, and new fixed and variable-rate private student loans will be originated according to the underwriting criteria for the MEFA loan program.

Sufficient Credit Enhancement: Transaction cash flows were satisfactory under all stressed scenarios of Fitch's 'Asf' rating category. Credit enhancement (CE) is provided by overcollateralization (OC) and excess spread. The initial CE for the notes is expected to be approximately 9.50%. The initial parity ratio is expected to be 110.50% and cash can be released when parity exceeds 109.0%. Liquidity support is provided by a $10.5 million capitalized interest fund and a debt service reserve fund sized at 1.01% of the bond balance.
Acceptable Servicing Capabilities: Day-to-day servicing will be provided by Xerox Education Services (XEROX), which has been servicing MEFA loans since 2003. Fitch views its servicing capabilities as highly effective.

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 and/or prepayment speeds than the base case. This will result in a decline in available CE and the remaining loss coverage levels available to the notes. Therefore, note ratings may be susceptible to potential negative rating actions, depending on the extent of the decline in the coverage.

Rating sensitivity results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Rating sensitivity should not be used as an indicator of future rating performance.

Fitch's stress analysis is discussed in the presale titled 'Massachusetts Educational Financing Authority, Issue I, Series 2015B', dated Oct. 9, 2015.

DUE DILIGENCE USAGE

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

Fitch affirms the following:

Massachusetts Educational Financing Authority Issue I (Series 2009, 2010A, 2010B, 2014 and 2015A):

Series 2009:
--Series 2009 due 1/1/2016 at 'Asf'; Outlook Stable;
--Series 2009 5.25% due 1/1/2016 at 'Asf'; Outlook Stable;
--Series 2009 due 1/1/2017 at 'Asf'; Outlook Stable;
--Series 2009 due 1/1/2018 at 'Asf'; Outlook Stable;
--Series 2009 5.5% due 1/1/2018 at 'Asf'; Outlook Stable;
--Series 2009 due 1/1/2019 at 'Asf'; Outlook Stable;
--Series 2009 5.5% 1/1/2019 at 'Asf'; Outlook Stable;
--Series 2009 due 1/1/2020 at 'Asf'; Outlook Stable;
--Series 2009 5.75% due 1/1/2020 at 'Asf'; Outlook Stable;
--Series 2009 5.75% term bonds due 1/1/2023 at 'Asf'; Outlook Stable;
--Series 2009 6.00% term bonds due 1/1/2028 at 'Asf'; Outlook Stable.

Series 2010:
--2010 Series A due 1/1/2016 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2017 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2018 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2019 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2020 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2021 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2022 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2025 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2026 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2027 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2028 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2029 at 'Asf'; Outlook Stable;
--2010 Series A due 1/1/2030 at 'Asf'; Outlook Stable.
--2010 Series B due 1/1/2016 at 'Asf'; Outlook Stable;
--2010 Series B due 1/1/2017 at 'Asf'; Outlook Stable;
--2010 Series B due 1/1/2018 at 'Asf'; Outlook Stable;
--2010 Series B due 1/1/2019 at 'Asf'; Outlook Stable;
--2010 Series B due 1/1/2020 at 'Asf'; Outlook Stable;
--Series 2010 Term bond due 1/1/2023 at 'Asf'; Outlook Stable;
--Series 2010 Term bond due 1/1/2031 at 'Asf'; Outlook Stable.

Series 2014:
--Series 2014 due 1/1/2017 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2018 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2019 at 'Asf'; Outlook Stable;
--Series 2014 5% due 1/1/2019 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2020 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2021 at 'Asf'; Outlook Stable;
--Series 2014 5% due 1/1/2021 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2022 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2023 at 'Asf'; Outlook Stable;
--Series 2014 5% due 1/1/2023 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2024 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2025 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2026 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2027 'Asf'; Outlook Stable;
--Series 2014 5% due 1/1/2027 at 'Asf'; Outlook Stable;
--Series 2014 due 1/1/2032 at 'Asf'; Outlook Stable.

Series 2015A:
--2015A due 1/1/2017 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2018 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2019 3.5% at 'Asf'; Outlook Stable;
--2015A due 1/1/2019 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2020 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2021 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2022 3.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2022 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2023 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2024 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2025 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2026 5.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2027 4.0% at 'Asf'; Outlook Stable;
--2015A due 1/1/2028 4.0% at 'Asf';Outlook Stable;
--2015A due 1/1/2029 4.125% at 'Asf'; Outlook Stable;
--2015A due 1/1/2030 4.25% at 'Asf'; Outlook Stable;
--2015A due 1/1/2031 4.25% at 'Asf'; Outlook Stable;
--2015A due 1/1/2032 4.25% at 'Asf'; Outlook Stable.