Fitch Ratings affirms the ratings on the senior and subordinate federal student loan asset-backed floating rate notes, series 2004-2, issued by Access Group, Inc. under the 2004-2 Indenture of Trust (Access Group 2004-2). The collateral supporting the notes is comprised of student loans originated under the Federal Family Education Loan Program (FFELP). The Rating Outlook is Stable. A full rating list is shown below.
Fitch affirms the ratings on the Access Group 2004-2 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. The current senior parity is 108.41% and the total parity for the trust is 101.00%.
The loans are originated and serviced by Access Group, Inc., which is not rated by Fitch. Access Group provides funds to students through guaranteed student loans under the Federal Family Education Loan Program. Although Fitch does not explicitly rate Access Group, Inc., Fitch considers their servicing ability to be satisfactory.
Fitch has taken the following rating actions:
Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2004-2:
-- Class A-1 affirmed at 'AAA'; Outlook Stable;
-- Class A-2 affirmed at 'AAA'; Outlook Stable;
-- Class A-3 affirmed at 'AAA'; Outlook Stable;
-- Class A-4 affirmed at 'AAA'; Outlook Stable;
-- Class A-5 affirmed at 'AAA'; Outlook Stable;
-- Class B affirmed at 'AA-'; Outlook Stable.
Additional information is available at www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated Aug. 4, 2011;
--'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:
U.S. FFELP Student Loan ABS Surveillance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=597566
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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Fitch Ratings
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Jeffrey Prackup, +1-212-908-0839
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