Fitch Ratings currently rates student loan asset-backed securities (ABS) issued by the National Collegiate Student Loan Trust (NCSLT) 2003-1 and NCSLT 2004-1 (the trusts) as listed below. Fitch has been requested to confirm its existing ratings upon the adoption and effectiveness of the first supplemental indentures of trust (the supplements). Consistent with its statements on policies regarding rating confirmations in structured finance transactions (dated Jan. 13, 2009) and student loan ABS confirmations (dated May 8, 2009), Fitch is treating this request as a notification.
The supplements will amend indentures of the trusts to remove the capitalization requirement of at least $25 million for the market agent and at least $100 million for the broker/dealer. Upon execution of the supplements, the trusts will replace UBS Financial Services Inc. and Deutsche Bank Securities Inc. with Cross Point Capital, LLC as market agent and broker/dealer.
The primary duties of a market agent are to approve a broker/dealer, to assist the auction agent and the trustee in the determination of appropriate coupon rates on the notes, and to make changes to the auction periods or dates. The primary role of a broker/dealer is to participate in the auction procedures by collecting buy, sell or hold orders from existing or potential owners of notes, and to submit valid orders to the auction agent.
As a market agent or broker/dealer's functions are operational in nature, the trusts have no credit exposure to it. In accordance with Fitch's counterparty criteria for structured finance transactions (dated Oct. 22, 2009), Fitch has determined that the adoption of the supplements will not have an impact on the existing ratings at this time. This determination only addresses the effect of the adoption of the supplements on the current ratings assigned by Fitch to the securities listed below. It does not address whether it 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.
The ratings assigned by Fitch are based on the documents and information provided 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.
Fitch currently rates the NCSLT 2003-1 and NCSLT 2004-1 notes as follows:
National Collegiate Student Loan Trust 2003-1
--Class A-5 'AAA'; Rating Watch Negative;
--Class A-6 'AAA'; Rating Watch Negative;
--Class A-7 'AAA'; Rating Watch Negative;
--Class A-IO 'AAA'; Rating Watch Negative;
--Class B-1 'A+'; Rating Watch Negative;
--Class B-2 'A+'; Rating Watch Negative.
National Collegiate Student Loan Trust 2004-1
--Class A-2 'AAA'; Rating Watch Negative;
--Class A-3 'AAA'; Rating Watch Negative;
--Class A-4 'AAA'; Rating Watch Negative;
--Class A-IO-1 'AAA'; Rating Watch Negative;
--Class A-IO-2 'AAA'; Rating Watch Negative;
--Class B-1 'A'; Rating Watch Negative;
--Class B-2 'A'; Rating Watch Negative.
Additional information is available at 'www.fitchratings.com'.
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, New York
Melvin Zhou, +1-212-908-0503
Cynthia
Ullrich, +1-212-908-0609
Sandro Scenga, +1-212-908-0278 (Media
Relations)
sandro.scenga@fitchratings.com