Fitch Ratings has affirmed the senior and subordinates notes issued by SLM Student Loan Trust 2008-8 at 'AAAsf', Outlook Negative and 'AA+sf', Outlook Stable.
Fitch used its 'Global Structured Finance Rating Criteria,' 'U.S. FFELP Student Loan ABS Rating Criteria', and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.
The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B notes.
Fitch has taken the following rating actions:
SLM Student Loan
Trust 2008-8:
--Class A-1 affirmed at 'AAAsf'; Outlook Negative;
--Class
A-2 affirmed at 'AAAsf'; Outlook Negative;
--Class A-3 affirmed at
'AAAsf'; Outlook Negative;
--Class A-4 affirmed at 'AAAsf'; Outlook
Negative;
--Class B affirmed at 'AA+sf'; Outlook Stable;
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured
Finance Rating Criteria' dated Aug. 4, 2011;
--'Rating U.S. Federal
Family Education Loan Program Student Loan ABS' dated April 7, 2011;
--'U.S.
FFELP Student Loan ABS Surveillance Criteria' date May 10, 2011.
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
Rating
U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766
U.S.
FFELP Student Loan ABS Surveillance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=597566
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Contacts:
Fitch Ratings
Primary Analyst:
Stefanie Leung, +1-212-908-0826
Director
Fitch,
Inc.
One State Street Plaza
New York, NY 10004
or
Committee
Chairperson:
Tracy Wan, +1-212-908-9171
Senior Director
or
Media
Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
