OREANDA-NEWS. Fitch Ratings has taken the following rating actions on Access Group, Inc. 2006-1 Indenture of Trust:

--Class A-2 affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 'AAAsf'; Rating Watch Negative maintained;
--Class B 'AAsf'; Rating Watch Negative maintained.

KEY RATING DRIVERS

Maturity Risk: Maintenance of the Rating Watch Negative is based on the heightened risk of the class A-3 and class B notes missing their legal final maturity date of Aug. 25, 2037 (same for both), which would result in an event of default. In an event of such technical default, Fitch would expect ultimate repayment of full principal and interest after the legal final. Fitch expects to resolve the Rating Watch Negative status once its revised FFELP criteria report is published. The magnitude of any potential rating action could vary depending on remaining time to maturity, recent payment trends, issuer actions such as loan purchases, or other external factors.

High Collateral Quality: The trust collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. Based 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. Fitch currently rates the U.S. 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by excess spread, overcollateralization, and for the class A notes, subordination provided by the class B notes. As of January 2016 collection period, the senior and total parity is 108.31% and 100.99% respectively. Cash is being released from the trust given the trust has reached its release level.

Adequate Liquidity Support: Liquidity support for the notes is provided by a capitalized interest account currently sized at $1,525,815 as of January 2016 collection period.

Acceptable Servicing Capabilities: ACS is responsible for day-to-day servicing of the trust. Fitch believes ACS to be an acceptable servicer of FFELP student loans.

On Nov. 18, 2015, Fitch released an exposure draft that 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.