Fitch Ratings affirms the senior student loan bonds at 'AAAsf' and subordinate bonds at 'BBBsf' issued by College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002). The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate note remains Stable.
Fitch used its 'Global Structured Finance Rating Criteria' and as well as '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 enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior notes consists of overcollateralization, subordination provided by the class B note, and projected minimum excess spread, while the subordinated notes benefit from projected excess spread only.
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 Criteria' dated April 3, 2012.
Applicable Criteria and Related Research: Fitch Affirms College Loan Trust-I Amended and Restated 2003 Indenture of Trust (2002) Bonds
Global Structured Finance Rating Criteria
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
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