Fitch Ratings has affirmed the senior and subordinate student loan notes issued by SLC Student Loan Trust 2008-1 at 'AAAsf'. The Rating Outlook remains Stable.
Fitch used its 'Global Structured Finance Rating Criteria,' 'U.S. FFELP Student Loan ABS Rating Criteria', and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' 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 taken the following rating actions:
SLC Student Loan Trust 2008-1:
--Class A-2 affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4A affirmed at 'AAAsf'; Outlook Stable;
--Class A-4B affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAAsf'; 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 May 10, 2011;
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' dated April 7, 2011.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
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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