Fitch: Private Issuance Fuels Record Growth for U.S. Student Loan ABS.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Issuance of U.S. student loan asset-backed securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. reached the mid-year mark with record highs thanks to some extra help from the private sector, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. in the latest edition of 'The Student Loan Report Card.' While new second-quarter 2006 (2Q'06) student loan ABS was expectedly strong following a slow start to the year, the pace of new issuance was somewhat surprising, increasing 103% over 1Q'06 as Fitch rated a record $27.8 billion in new issuances, including a one-month record of $12.9 billion last month. 'Market participants have especially taken a shine to private student loan ABS issuance of late,' said Brent Griffith, Director, Fitch Ratings, 'with $6.1 billion of the approximately $7 billion Fitch-rated private transactions rated this year coming during 2Q'06.' Year to date, Fitch has rated $41.5 billion in new bonds, which also set a record for the first or second half of any year and is 32% higher than the same period in 2005. The newsletter 'The Student Loan Report Card' is available on the Fitch Ratings web site at www.fitchratings.com in the 'ABS' sector page under 'Newsletters.' Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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