Fitch Rates FinanSure Student Loan Master Trust I 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 -- 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. has assigned and confirmed the following ratings of the student loan asset-backed notes issued by FinanSure Student Loan Master Trust I that are listed below: Ratings for new issuance: --$75,000,000 senior class A-6 'AAA'; --$75,000,000 senior class A-7 'AAA'. Ratings confirmed on existing debt: --$86,550,000 senior class A-1 'AAA'; --$86,550,000 senior class A-2 'AAA'; --$86,550,000 senior class A-3 'AAA'; --$86,550,000 senior class A-4 'AAA'; --$86,550,000 senior class A-5 'AAA'; --$28,350,000 subordinate class B-1 'A'; --$28,350,000 subordinate class B-2 'A'; --$28,300,000 subordinate class B-3 'A'; --$7,250,000 junior subordinate class C-1 'BBB'. The ratings on the bonds are based on the quality of Federal Family Education Loan Program The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents. (FFELP FFELP Federal Family Education Loan Program ) student loan portfolio, the transaction's legal structure and level of internal credit enhancement. The senior class A-6 and A-7 notes are issued pursuant to the Indenture of Trust, dated as of Feb. 1, 2007, as further supplemented by the First Supplemental Indenture of Trust, dated as of Feb. 1, 2007. Credit enhancement for the trust consists of the excess spread, a reserve account sized at the greater of 1% of the principal balance or $1 million; and a capitalized interest account funded at $18 million, with subsequent deposits of $5 million and $8 million on May 16, 2007 and Aug. 15, 2007, respectively. There will be an acquisition fund sized at $499.94 million, with additional deposits of $142 million and $238 million on May 16, 2007 and Aug. 15, 2007, respectively. In addition, the senior class A notes benefit from 7.22% subordination provided by the subordinate class B and junior subordinate class C notes. The series 2007-1 senior class A and the subordinate class B notes pay interest based on the 28-day auction rate, with interest paid on the day following each auction period. The junior subordinate class C-1 note pays interest quarterly based on the three-month London Interbank Offered Rate London Interbank Offered Rate A short-term interest rate often quoted as a 1,3,6-month rate for U.S.dollars. (LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). ) plus a spread, commencing May 25, 2007. The class A-6 and A-7 notes delivery date is May 16, 2007, with legal final maturity on May 1, 2047. The class A-1 thru A-5 and B notes has legal final maturity on Feb. 1, 2047. The class C-1 notes has legal final maturity on May 25, 2029. The collateral securing the notes are Consolidation, Stafford and PLUS loans originated under the FFELP. The loans are guaranteed to at least 97% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and are reinsured by the U.S. Department of Education up to the same amounts. Great Lakes Higher Education and ACS (Asynchronous Communications Server) See network access server. Education Services will act as servicers for the loan portfolio. FinanSure Student Loan Master Trust I is a Delaware statutory trust whose operations are limited to acquiring, holding and managing student loans originated under the FFELP and other assets of the trust, as well as issuing and making payments on the notes. RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion