2010-08-30 20:20:03 -
Fitch Ratings has affirmed the senior student loan notes and downgraded the subordinate note issued by KeyCorp Student Loan Trust 2006-A (Group 1). The Rating Outlook is Stable. A full ratings list is shown below.
The ratings on the senior notes are affirmed based on the sufficient level of credit enhancement (consisting of overcollateralization, subordination and the projected minimum excess spread) to cover the applicable basis factor stress. The rating on the subordinate note is downgraded to 'BBBsf' because the level of hard credit enhancement is only capable of absorbing the applicable basis risk stress level after accounting for the trust's cost structure and its ability to generate excess spread towards the tail end of the transaction.
Fitch has taken the following
rating actions.
KeyCorp Student Loan Trust 2006-A (Group 1)
--Class 1-A-1 affirmed at 'AAAsf/LS1'; Outlook Stable;
--Class 1-A-2 affirmed at 'AAAsf/LS1'; Outlook Stable;
--Class 1-B downgraded to 'BBBsf/LS3' from 'Asf/LS3'; Outlook Stable.
Additional information is available at ' www.fitchratings.com :
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Related Research.
--'Global Structured Finance Rating Criteria', dated Aug. 13, 2010;
--'Rating US Federal Family Education Loan Program Student Loan ABS Criteria', dated April 11, 2008;
--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010.
Related Research.
Global Structured Finance Rating Criteria
www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. :
Rating US Federal Family Education Loan Program Student Loan ABS Criteria
www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id= .. :
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Fitch RatingsPrimary AnalystJeffrey Prackup, +1-212-908-0839DirectorOne
State Street PlazaNew York, NY 10004orCommittee
ChairpersonAoto Kenmochi, +1-212-908-0867Senior DirectororMedia
Relations:Sandro Scenga, +1-212-908-0278Email:
sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com
