Fitch Ratings affirms the senior student loan bonds and downgrades the subordinate bond to 'BBB' issued by SLM Student Loan Trust 2005-3 at 'AAA'. Stable Ratings Outlooks are assigned to all bonds, and the subordinated bond is removed from Rating Watch Negative.
Fitch's Global Structured Finance Rating Criteria and FFELP student loan ABS rating criteria, as well as the refined basis risk criteria outlined in the press release 'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010 were used to review the ratings.
Fitch affirms the ratings and maintains the Outlook on the following classes:
SLM Student Loan Trust 2005-3
--Class A-3 at 'AAA/LS1'; Outlook Stable;
--Class A-4 at 'AAA/LS1'; Outlook Stable;
--Class A-5 at 'AAA/LS1'; Outlook Stable;
--Class A-6 at 'AAA/LS1'; Outlook Stable.
Fitch downgrades, removes from Rating Watch Negative and assigns a Stable Outlook to the following class:
SLM Student Loan Trust 2005-3
--Class B to 'BBB/LS3' from 'AAA/LS3'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'.
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Contacts:
Fitch Ratings, New York
Aoto Kenmochi, +1-212-908-0867
Stefanie
Leung, +1-212-908-0826
Sandro Scenga, +1-212-908-0278 (Media
Relations)
sandro.scenga@fitchratings.com