DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with six outstanding publicly rated classes. The six publicly rated classes reviewed were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were reviewed:
-- SoFi Professional Loan Program 2015-B LLC
-- Navient Student Loan Trust 2015-3

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and historical performance.

The confirmation of the outstanding ratings of SoFi Professional Loan Program 2015-B LLC reflects 19.12% of current credit enhancement for the Class A-1 provided by subordination, the Reserve Account (0.22%) and overcollateralization (18.90%). For Class A-2, credit enhancement is provided by subordination, the Reserve Account (0.36%) and overcollateralization (18.93%). As of the May 2016 payment date, the cumulative net loss ratio was 0.00% of the original collateral balance.

The confirmation of the outstanding ratings of Navient Student Loan Trust 2015-3 reflects 4.48% of current credit enhancement provided by subordination and the Reserve Account (1.62%). As of the May 2016 payment date, the cumulative net loss ratio was 0.08% of the original collateral balance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.