OREANDA-NEWS. Fitch Ratings affirms the senior and subordinate notes issued from Access to Loans for Learning Student Loan Corporation, Series 2012-I at 'AAAsf' and 'AAsf', respectively. The Rating Outlook on all outstanding notes remains Stable.

KEY RATING DRIVERS
High Collateral Quality: The trust is collateral consists of 100% a Federal Family Education Loan Program (FFELP) loan. The credit quality of the trust 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. The Stable Outlook on the notes is consistent with Fitch's affirmation of the U.S. sovereign rating at 'AAA', Outlook Stable.

Sufficient Credit Enhancement: Transaction credit enhancement is provided by overcollateralization and excess spread. In addition, the class A notes benefits from subordination from the class B notes. As of October 2015, senior and subordinate parities are 108.93% and 104.35%, respectively.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account currently sized at $349,408 (0.25% of the pool balance) with a floor of $316,520.

Acceptable Servicing Capabilities: Navient Solution Inc., XES, and Great Lakes are all responsible for servicing the trust. Fitch believes all three servicers are acceptable servicers of FFELP student loans.

RATING SENSITIVITIES
Since 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 build-up 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.

Fitch has affirmed the following ratings:

Access to Loans for Learning Student Loan Corporation, Series 2012-I:
--Class A notes at 'AAAsf'; Outlook Stable;
--Class B notes at 'AAsf'; Outlook Stable.