Fitch Affirms KeyCorp Student Loan Trust 2002-A Group I Notes

Fitch Ratings affirms the student loan notes issued by KeyCorp Student Loan Trust 2002-A Group I. The Rating Outlook for the senior and subordinate notes, which is tied to the sovereign rating of the U.S. government, remains Negative.

Fitch affirms the ratings on the senior and subordinate notes based on the sufficient level of credit enhancement 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.

In addition, the trust benefits from an interest rate swap provided by KeyBank, N.A. (swap counterparty). Also, the trust entered into interest rate cap and put option agreements with KeyBank as the provider. According to the interest rate cap agreement, KeyBank is obligated to pay the excess amount of the difference between the bond rate and the student loan rate (net loan rate). The put option agreement gives the bondholders an option to put the collateral of the trust to KeyBank (the put provider) to pay-down the bonds at the November 2012 distribution date.

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 affirmed the following ratings:

KeyCorp Student Loan Trust 2002-A (Group I):

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

--Class B at 'AAAsf'; Outlook Negative.

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:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts:

Fitch Ratings
Primary Analyst
Harry Kohl
Analyst
[phone]
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Cynthia Ullrich
Senior Director
[phone]
or
Media Relations
Sandro Scenga
[phone]
[e-mail]