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117 Ratings On 70 FFELP ABS Senior Bonds Cut To 'AA+ (sf)'; 1 Sub Bond Cut To 'AA (sf)'; 32 Affirmed After US Downgrade Oct 11
Standard & Poors, Oct 2011
Abstract
OVERVIEW On Sept. 19, 2011, Standard & Poor's published criteria for the treatment of the U.S. government in its role as an insurer or guarantor, and government agency loan-level support in structured finance transactions. In light of these criteria, we lowered our ratings on 118 classes and affirmed our ratings on 32 classes across 70 student loan ABS transactions issued between 2008 and 2011 that are collateralized by student loans originated through the government's FFELP program. These rating actions also reflect our view of each transaction's collateral characteristics and structural features. The lowered ratings reflect our view that these transactions are not able to absorb the 15% haircut (outlined in our Sept. 19 criteria) to the cash inflows received from...
Companies mentioned in this report are: Nelnet Student Loan Trust 2008-1
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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