Fitch Ratings affirms the senior student loan notes at 'AAAsf' and subordinate notes at 'BBsf' issued by SLM Student Loan Trust 2003-1. 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 '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.
Fitch has taken the following rating actions:
SLM Student Loan Trust 2003-1:
--Class A-5A affirmed at 'AAAsf'; Outlook Negative;
--Class A-5B
affirmed at 'AAAsf'; Outlook Negative;
--Class A-5C affirmed at
'AAAsf'; Outlook Negative;
--Class B affirmed at 'BBsf'; 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 Criteria' (April 3, 2012).
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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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Fitch Ratings
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Victoria Ohorodnyk,
+1-212-908-0866
Analyst
Fitch, Inc.
One State Street Plaza
New
York, NY 10004
or
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+1-212-908-9171
Senior Director
or
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sandro.scenga@fitchratings.com
