Fitch Ratings affirms the senior and subordinate student loan notes issued by Nelnet Education Loan Funding, Inc. student loan asset-backed notes, series 2004-2 at 'AAAsf' and 'AA+sf.' 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 September 22, 2010 press release 'Fitch to Gauge Basis Risk in Auction-Rate U.S. FFELP SLABS Review' to review the ratings.
Fitch affirms the ratings on the senior and subordinate notes based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the Class B notes.
Fitch has affirmed the following ratings:
Nelnet Education Loan Funding, Inc. student loan asset-backed notes, series 2004-2:
--Class A-3 at 'AAAsf/LS1'; Outlook Stable;
--Class A-4 at 'AAAsf/LS1'; Outlook Stable;
--Class A-5A at 'AAAsf/LS1'; Outlook Stable;
--Class A-5B at 'AAAsf/LS1'; Outlook Stable;
--Class A-5C at 'AAAsf/LS1'; Outlook Stable;
--Class B-1 at 'AA+sf/LS3'; Outlook Stable;
--Class B-2 at 'AA+sf/LS3'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria', dated Aug. 13, 2010;
--'Rating US Federal Family Education Loan Program Student Loan ABS Criteria', dated May 10, 2011;
--'Fitch to Gauge Basis Risk in Auction-Rate U.S. FFELP SLABS Review', dated Sept. 22, 2010.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766
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