DBRS Assigns Ratings to Goal Structured Solutions Master Trust-I, Series 2017-A

DBRS, Inc. (DBRS) has today assigned ratings to the following classes of Notes issued by Goal Structured Solutions Master Trust-I, Series 2017-A (GSSMT 2017-A):

-- Series 2017-A, Class A Notes, rated A (sf)
-- Series 2017-A, Class B Notes, rated BBB (sf)

The ratings are based on DBRS’s review of the following analytical considerations:

-- The transaction’s form and sufficiency of available credit enhancement.
-- The quality and credit characteristics of the student loan borrowers.
-- Structural features of the transaction that require the Class A Notes to enter into full turbo principal amortization if certain performance triggers are breached.
-- The legal structure and legal opinions that address the true sale of the student loans, the non-consolidation of the trust, that the trust has a valid first-priority security interest in the assets and consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

GSSMT 2017-A consists of seasoned student loans originated by various lenders. The GSSMT 2017-A Notes benefit from credit enhancement consisting of overcollateralization, a reserve account, excess spread and subordination provided by the Class B Notes for the benefit of the Class A Notes.

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

The principal methodology is Rating U.S. Private Student Loan Securitizations, which can be found on dbrs.com 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 the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.