14 Ratings On Three U.S. Student Loan ABS Deals Lowered; Counterparty Criteria Cited Dec 11

Standard & Poors, December 2011

Abstract
OVERVIEW We lowered our ratings on 14 classes from three student-loan ABS transactions from two North American sponsors, Nelnet Inc. and Goal Financial LLC. The ratings on the class A and B notes from Nelnet Student Loan Trust 2006-1 and 2006-2 remain on CreditWatch negative due to the negative CreditWatch placement of Deutsche Bank AG, the currency swap counterparty for both transactions. We affirmed the ratings on the class A-3 notes from both Nelnet transactions, reflecting our view of the relatively short expected remaining life of these classes. We placed the rating on the class B notes from Goal Capital Funding Trust 2006-1 on CreditWatch with positive implications due to the strong collateral performance and continued substantial releases to the...

Companies mentioned in this report are: Goal Capital Funding Trust 2006-1,Nelnet Student Loan Trust 2006-1,Nelnet Student Loan Trust 2006-2
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Positive
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.

Goal Capital Funding Trust 2006-1,Nelnet Student Loan Trust 2006-1,Nelnet Student Loan Trust 2006-2

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