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| [February 06, 2013] |
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Fitch Affirms Ratings on SLC Student Loan Trusts
NEW YORK --(Business Wire)--
Fitch Ratings has affirmed the senior notes issued by SLC Student Loan
Trusts at 'AAAsf' and has affirmed the subordinate notes at various
ratings as listed below. The Rating Outlook remains Negative for the
senior notes and Stable for the subordinate notes.
Fitch used its 'Global Structured Finance Rating Criteria,' 'U.S. FFELP
Student Loan ABS (News - Alert) Rating Criteria', and 'Rating U.S. Federal Family
Education Loan Program Student Loan ABS' to review the ratings.
Fitch affirms the ratings on the senior and subordinate notes based on
the sufficient level of credit enhancement to cover the applicable risk
factor stresses. Credit enhancement for the senior and subordinate notes
consists of overcollateralization and projected minimum excess spread,
while the senior notes also benefit from subordination provided by the
class B notes.
Fitch has taken the following rating actions:
SLC Student Loan Trust 2004-1 notes:
--Senior class A-4 affirmed at
'AAAsf'; Outlook Negative;
--Senior class A-5 affirmed at 'AAAsf';
Outlook Negative;
--Senior class A-6 affirmed at 'AAAsf'; Outlook
Negative;
--Senior class A-7 affirmed at 'AAAsf'; Outlook Negative;
--Subordinate
class B affirmed at 'BBB-sf'; Outlook Stable.
SLC Student Loan Trust 2005-1 notes:
--Senior class A-2 affirmed at
'AAAsf'; Outlook Negative;
--Senior class A-3 affirmed at 'AAAsf';
Outlook Negative;
--Senior class A-4 affirmed at 'AAAsf'; Outlook
Negative;
--Subordinate class B-1 affirmed at 'BBBsf'; Outlook
Stable.
SLC Student Loan Trust 2005-2 notes:
--Senior class A-2 affirmed at
'AAAsf'; Outlook Negative;
--Senior class A-3 affirmed at 'AAAsf';
Outlook Negative;
--Senior class A-4 affirmed at 'AAAsf'; Outlook
Negative;
--Subordinate clas B affirmed at 'BBB-sf'; Outlook
Stable.
SLC Student Loan Trust 2005-3 notes:
--Senior class A-1 affirmed at
'AAAsf'; Outlook Negative;
--Senior class A-2 affirmed at 'AAAsf';
Outlook Negative;
--Senior class A-3 affirmed at 'AAAsf'; Outlook
Negative;
--Senior class A-4 affirmed at 'AAAsf'; Outlook Negative;
--Subordinate
class B affirmed at 'BBBsf'; Outlook Stable.
SLC Student Loan Trust 2006-1 notes:
--Senior class A-3 has been
paid-in-full;
--Senior class A-4 affirmed at 'AAAsf'; Outlook
Negative;
--Senior class A-5 affirmed at 'AAAsf'; Outlook Negative;
--Senior
class A-6 affirmed at 'AAAsf'; Outlook Negative;
--Subordinate
class B affirmed at 'BBBsf'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured
Finance Rating Criteria' (June 6, 2011);
--'Rating U.S. Federal
Family Education Loan Program Student Loan ABS' (April 3, 2012).
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=679923
Rating
U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=675202
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE.
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