OREANDA-NEWS. Fitch Ratings has affirmed the outstanding senior notes at 'AAAsf' and upgraded the ratings of the subordinate notes to 'AAsf' from 'Asf' notes issued by Rhode Island Student Loan Authority (RISLA). The Outlook remains Stable for all the notes. The upgrade on the subordinate notes is based on loss coverage multiples that are sufficient to maintain the 'AAsf' rating. 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 $35.3 million of private student loans originated by RISLA under the RIFEL program. The projected remaining defaults are expected to range between 5.0% - 7.0%. A recovery rate of 55.0% was applied, which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by excess spread, and the senior notes benefit from subordination provided by the junior notes. As of the Sept. 30, 2015 distribution, the senior parity and total parity ratios are 143.63% and 126.67%, respectively. Total parity is above its release level of 125.00%. Fitch's analysis gave credit up to its release level.

Adequate Liquidity Support: Liquidity support is provided by a reserve account balance of $1,545,000.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by RISLA. 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 notes and may make certain note 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 takes the following rating actions on the RISLA 2008 Trust:

--Series 2008A 12-01-2016 affirmed at 'AAAsf'; Outlook Stable;
--Series 2008A 12-01-2017 affirmed at 'AAAsf'; Outlook Stable;
--Series 2008A Term 12-01-2018 affirmed at 'AAAsf'; Outlook Stable;
--Series 2008A Term 6-01-2028 affirmed at 'AAAsf'; Outlook Stable;
--Series 2008I Term 12-01-2028 upgraded to 'AAsf' from 'Asf'; Outlook Stable.