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87 Ratings Lowered, 50 Affirmed On 29 SLM ABS Deals Backed By FFELP Loans; Revised Criteria, U.S. Downgrade Cited Feb 12
Standard & Poors, Feb 2012
Abstract
OVERVIEW We lowered our ratings on 87 classes and affirmed our ratings on 50 classes from 29 student loan ABS transactions issued by Sallie Mae that are collateralized by student loans originated through the U.S. government's FFELP program. We also removed all of these 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 September 2011 criteria) to the cash inflows received from the U.S. federal government under the FFELP...
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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