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34 Nelnet FFELP ABS Ratings Lowered, Four Affirmed; Revised Criteria, U.S. Downgrade Cited Jan 12
Standard & Poors, Jan 2012
Abstract
OVERVIEW We lowered our ratings on 34 classes and affirmed our ratings on four classes across 11 Nelnet student loan ABS transactions that are collateralized by student loans originated through the government's FFELP program. We removed all of the ratings from CreditWatch with negative implications. These rating actions follow the application of our revised 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. 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 the U.S. federal government under the FFELP program under a 'AAA' stress...
Companies mentioned in this report are: Nelnet Student Loan Trust 2003-1,Nelnet Education Loan Funding Inc.,Nelnet Student Loan Trust 2004-3,Nelnet Student Loan Trust 2004-4,Nelnet Student Loan Trust 2005-1,Nelnet Student Loan Trust 2005-2,Nelnet Student Loan Trust 2005-3,Nelnet Student Loan Trust 2005-4,Nelnet Student Loan Trust 2006-3,Nelnet Student Loan Trust 2007-1
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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