Fitch Ratings affirms the senior student loan note at 'AAA' issued by EdSouth Indenture No. 1, LLC, series 2010-1. The Rating Outlook remains Stable. Fitch used its 'Global Structured Finance Rating Criteria' and 'U.S. FFELP Student Loan ABS Rating Criteria', as well as the refined basis risk criteria outlined in Fitch's June 29, 2010 press release 'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' to review the ratings.
The rating on the senior note is affirmed based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses.
Fitch has taken the following rating actions:
EdSouth Indenture No. 1, LLC, Series 2010-1:
--Class A-1 affirmed at 'AAA/LS1'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated Aug. 13, 2010;
--'U.S. FFELP Student Loan ABS Rating Criteria' dated April 11, 2008;
--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
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