OREANDA-NEWS. January 19, 2016. Fitch Ratings affirms all ratings of the outstanding student loan notes issued by Navient Private Education Loan Trust 2015-A (Navient 2015-A). The Rating Outlook remains Stable.

A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately \\$797.20 million of credit-tested private student loans originated by Navient Corp. The projected remaining defaults are expected to range between 9%-11%. A recovery rate of 11% was applied, which was determined to be appropriate based on data provided by the issuer.

Credit Enhancement (CE): Transaction credit enhancement is sufficient to provide loss coverage for the class A and B notes at each respective rating category. CE is provided by a combination of overcollateralization (the excess of the trust's asset balance over the bond balance), excess spread, and subordination for the class A notes. Funds cannot be released from the trust unless the OC builds up to greater of 30% of the outstanding pool balance or 10% of the initial pool balance. The total parity ratio as of the most recent distribution period is 139.47%.

Liquidity Support: Liquidity support is provided by a reserve account sized at approximately \\$2.22 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities

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 affirms the following classes:

Navient Private Education Loan Trust 2015-A:

--Class A-1 at 'AAAsf'; Outlook Stable;
--Class A-2A at 'AAAsf'; Outlook Stable;
--Class A-2B at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable.