Fitch Ratings currently maintains ratings as listed below on student loan asset-backed securities issued by the Nelnet Education Loan Funding, Inc. (NELF), series 2003-1. Nelnet has requested that Fitch confirm its existing ratings upon the adoption and effectiveness of the Fourth Supplemental Indenture (the Supplement). Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.
The Supplement allows for the trust to purchase notes at a discount, at the option of the noteholders, using funds that otherwise would be used to redeem notes at par according to the transaction waterfall. Based on the information provided, Fitch has determined that the execution and delivery of the Supplement and the changes to the trust indenture contained in the Supplement will not have an impact on the existing ratings at this time. This determination only addresses the effect of the Supplement on the current ratings assigned by Fitch to the securities listed below. It does not address whether the Supplement is permitted by the terms of the documents nor does it address whether it is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.
All of the series 2003-1 notes are auction rate notes maturing on July 1, 2043. As of June 30, 2009, the senior and total parity ratios for the trust were approximately 108.9% and 103.1%, respectively.
The ratings assigned by Fitch are based on the documents and information provided to Fitch by the issuer and other parties and are subject to receipt of final closing documents. Fitch relies on all these parties for the accuracy of such information and documents. Fitch did not audit or verify the truth or accuracy of such information.
All relevant research is available on the Fitch Ratings web site at 'www.fitchratings.com'.
The NELF series 2003-1 notes are currently rated by Fitch as follows:
--Series 2003-1 A-5 senior notes at 'AAA';
--Series 2003-1 A-6 senior notes at 'AAA';
--Series 2003-1 A-7 senior notes at 'AAA';
--Series 2003-1 A-8 senior notes at 'AAA';
--Series 2003-1 A-9 senior notes at 'AAA';
--Series 2003-1 A-10 senior notes at 'AAA';
--Series 2003-1 A-11 senior notes at 'AAA';
--Series 2003-1 A-12 senior notes at 'AAA';
--Series 2003-1 B-1 subordinate notes at 'AA';
--Series 2003-1 B-2 subordinate notes at 'AA'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, '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, New York
Melvin Zhou, 212-908-0503
Cynthia
Ullrich, 212-908-0609
or
Media Relations:
Brian Bertsch,
212-908-0549
Email: brian.bertsch@fitchratings.com