OREANDA-NEWS. Fitch Ratings has affirmed the senior notes at 'AAAsf' and the subordinate notes at 'AAsf' issued by Nelnet Student Loan Trust 2013-2. The Rating Outlook remains Stable for all notes.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans, including approximately, including approximately 19.52% of rehabilitated (rehab) FFELP loans. The credit quality of the trust collateral 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 current U.S. sovereign rating is at 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement (CE): While both the senior and subordinate notes will benefit from overcollateralization (OC) and future excess spread, the senior notes also benefit from subordination provided by the class B note. As of November 2015, total parity is 101.01% (1% CE) and senior parity is 105.61%. The trust is releasing cash as long as the specified OC (greater of 1.0% of the Adjusted Pool Balance and $2,000,000) is maintained.

Adequate Liquidity Support: Liquidity support is provided by a reserve account currently sized at $1,966,720, with a floor of 0.25% of pool balance or $1,156,000.

Acceptable Servicing Capabilities: Nelnet, Inc. (Nelnet) is servicing approximately 77% of the portfolio and Pennsylvania Higher Education Assistance Agency (PHEAA) is servicing
approximately 23%. Fitch considers both servicers to be acceptable servicers of FFELP 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 build-up 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:

Nelnet Student Loan Trust 2013-2:
--Class A at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable.