OREANDA-NEWS. Fitch Ratings has affirmed the senior notes at 'AAAsf' and the subordinate notes at 'Asf' issued by Goal Structured Solutions Trust 2015-1. The Rating Outlook remains Stable for all of the notes.

KEY RATING DRIVERS

High Collateral Quality: The trust is collateralized by 100% rehabilitated Federal Family Education Loan Program (FFELP) loans. 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 the November 2015 collection period, senior and total parity are at 105.01% and 103.01%, respectively. The trust has been releasing cash as the specified overcollateralization amount that requires the greater of 2.15% of the adjusted pool balance and $1,000,000 has been met.

Adequate Liquidity Support: Liquidity support is provided by a $3,699,817 reserve account (1.75% of the pool balance). There is a target reserve requirement schedule with the final stepdown to 0.10% of the pool balance on Aug. 25, 2016 with a floor of $150,000.

Acceptable Servicing Capabilities: Xerox-ES will be responsible for the day to day servicing of the portfolio. In Fitch's opinion, Xerox-ES is an acceptable servicer of Rehabilitated FFELP student loans.

On Nov. 18, 2015, Fitch released its exposure draft which delineates revisions it plans to make to the 'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria', dated June 23, 2014. Fitch has reviewed this transaction under both the existing and proposed criteria.

RATING SENSITIVITIES
Since the 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, basis risk, and loan extension risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults, basis shock beyond Fitch's published stresses, lower than expected payment speed, and other factors could result in future downgrades. Likewise, a buildup of CE 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:

Goal Structured Solutions Trust 2015-1:
--Class A at 'AAAsf'; Outlook Stable;
--Class B at 'Asf'; Outlook Stable.