OREANDA-NEWS. Fitch Ratings affirms all ratings of the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2005-A (SLM 2005-A). The Rating Outlook remains Stable on all the notes. 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 $649.38 million of private student loans for 2005-A trust. The loans were originated by Navient Corp (fka SLM Corp) under the Signature Education Loan Program, LAWLOANS program, MBA Loans program, and MEDLOANS program. The projected remaining defaults are expected to range between 8%-10%. A recovery rate of 11% was applied, which was determined to be appropriate based on data provided by the issuer.

Credit Enhancement (CE): Transaction CE is sufficient to provide loss coverage for the class A, B, and C 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. The total parity ratio as of the December 2015 distribution is 105.77%.

Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.76 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 and maintains Outlook Stable on the following:

SLM Private Credit Student Loan Trust 2005-A

--Class A-3 at 'AA-sf';
--Class A-4 at 'AA-sf';
--Class B at 'Asf';
--Class C at 'BBsf'.