Fitch Ratings Affirms 5 Classes of NorthStar Education Finance, Inc. Series 2006-A.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 affirmed the following private student loan asset-backed notes issued by NorthStar Education Finance, Inc.: Series 2006-A --Class A-1 at 'AAA'; --Class A-2 at 'AAA'; --Class A-3 at 'AAA'; --Class A-4 at 'AAA'; --Class B at 'A'. The rating affirmations are based on the quality and performance of the private loan collateral, the credit enhancement provided, and the legal structure. Overall, the collateral performance of the private student loans financed by NorthStar 2006-A has been consistent with Fitch's expectations from a net loss perspective. The excess spread generated by the trust has been sufficient to cover any losses and pay note principal to build credit enhancement. As a result, trust's total asset to liability or parity ratio has increased from 100.00% to 100.82% as of the June 2007 servicer report. The trust has not yet reached the requisite 103% total parity ratio or approximately $1.5 million in overcollateralization to release funds to the issuer. The collateral securing the notes are private student loans made primarily to credit-tested graduate and professional students under the Total Higher Education (T.H.E.) Loan Program. The private student loans are intended to assist individuals in financing their undergraduate or graduate education beyond what the FFELP FFELP Federal Family Education Loan Program affords. The private loans are available to students enrolled in discipline-specific programs for law, MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration , and medical programs. The program also includes a national program generally available to other graduate students and undergraduate students who, alone or with a cosigner An obligor—a person who becomes obligated, under a Commercial Paper, such as a promissory note or check—by signing the instrument in conjunction with the original obligor, thereby promising to pay it in full. , meet certain credit underwriting criteria. The loans are serviced by Great Lakes Educational Loan Services, Inc. Fitch rates Great Lakes private student loan servicing capabilities as 'Proficient'. 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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