Fitch Ratings affirms the senior notes at 'AAAsf' and subordinate student loan note at 'BBsf' issued by SLM Student Loan Trust series 2003-5. The Rating Outlook remains Stable for both the senior and subordinate bonds. A full ratings list is shown below.
The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit enhancement to cover the applicable basis factor stress.
Credit enhancement for class B consists of projected excess spread. Class A notes benefit from subordination provided by the lower priority notes.
The loans are serviced and originated by SLM Corp. SLM Corp. provides funds for educational loans, primarily federal guaranteed student loans originated under the FFELP SLM Corp. and its subsidiaries are not sponsored by or agencies of the U.S. government. Fitch has assigned SLM Corp. long- and short-term Issuer Default Ratings of 'BBB-' and 'F3', respectively.
SLM Student Loan Trust Series 2003-5:
--Class A-4 affirmed at 'AAAsf; Outlook Stable;
--Class A-5 affirmed at 'AAAsf; Outlook Stable;
--Class A-6 affirmed at 'AAAsf; Outlook Stable;
--Class A-7 affirmed at 'AAAsf; Outlook Stable;
--Class A-8 affirmed at 'AAAsf; Outlook Stable;
--Class A-9 affirmed at 'AAAsf; Outlook Stable;
--Class B affirmed at 'BBsf; 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 U.S. Federal Family Education Loan Program Student Loan ABS' dated April 7, 2011;
--'U.S. FFELP Student Loan ABS Surveillance Criteria' dated May 10, 2011.
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
U.S. FFELP Student Loan ABS Surveillance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=597566
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