Fitch Ratings Upgrades Various SLM Student Loan Trusts.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. upgrades the following classes of the notes issued from various SLM See service level management system and spatial light modulator. Student Loan Trusts: --1996-3 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1996-4 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1997-1 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1997-2 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1997-3 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1997-4 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1998-1 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1998-2 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1999-1 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1999-2 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --1999-3 floating-rate student loan-backed certificates to 'AAA' from 'AA+'; --2001-4 floating-rate student loan-backed certificates to 'AA+' from 'A+'; --2002-7 floating-rate student loan-backed class B notes to 'AAA' from 'AA+'; --2003-2 floating-rate student loan-backed class B notes to 'AAA' from 'AA+'; --2003-5 floating-rate student loan-backed class B notes to 'AAA' from 'AA'. Additionally, Fitch affirms all of the class A ratings on the outstanding classes of notes issued from each of the above-referenced trusts. The reason for the upgrades is that the collateral continues to perform within Fitch's expectations and, under the credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing structure, the securities can now withstand stress scenarios consistent with the upgraded ratings and still make full payments to investors in accordance with the terms of the documents. The ratings are based on the high quality of the 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 ) collateral; the credit enhancement within the trust; the ability of the notes to pass stressful cash flow tests at each rating level; and the sound legal structure. 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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