Fitch Affirms Senior Note & Upgrades Sub Note of KeyCorp Student Loan Trust 2005-A (Group I)

Fitch Ratings affirms the senior note at 'AAAsf' and upgrades the subordinate note to 'A-sf' from 'BBBsf' issued by KeyCorp Student Loan Trust 2005-A (Group I). The Rating Outlook for the senior note, which is tied to the sovereign rating of the U.S. government, remains Negative. The Rating Outlook for the subordinate note remains Stable.

The rating on the senior note is affirmed based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior note consists of overcollateralization, subordination from junior notes and projected minimum excess spread.

The rating on the subordinate note is upgraded to 'A-sf' from 'BBBsf' due to the sufficient level of credit enhancement to cover the applicable basis factor stresses at the 'A-sf' rating category. The trust has reduced basis risk exposure since the index used for SAP calculations was switched from 90-day CP to 1 month LIBOR on April 1, 2012, affecting 87.35% of the underlying loans.

Fitch used its 'Global Structured Finance Rating Criteria,' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

Fitch has taken the following rating actions:

KeyCorp Student Loan Trust 2005-A (Group I):

--Class A-2 affirmed at 'AAAsf'; Outlook Negative.

--Class B upgraded to 'A-sf' from 'BBBsf'; 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' (Aug. 4, 2011);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (April 3, 2012).

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=675202

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