DBRS Assigns Provisional Ratings to Navient Private Education Loan Trust 2017-A

DBRS, Inc. (DBRS) assigned provisional ratings to the following classes of notes (the Notes) issued by Navient Private Education Loan Trust 2017-A (Navient 2017-A):

-- $339,000,000 Floating Rate Class A-1 Notes rated AAA (sf)
-- $123,200,000 Fixed Rate Class A-2A Notes rated AAA (sf)
-- $123,200,000 Floating Rate Class A-2B Notes rated AAA (sf)
-- $76,800,000 Fixed Rate Class B Notes rated AA (sf)

The provisional ratings are based on a review by DBRS of the following analytical considerations:

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors in accordance with the terms of the Navient 2017-A transaction documents.
-- The ability of Navient Solutions, Inc. as Servicer to perform collections on the collateral pool and other required activities.
-- The credit quality of the student loan collateral.
-- The seasoning of the student loans.
-- The legal structure and expected presence of legal opinions that will address the true sale of the student loans, the non-consolidation of the trust and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

The collateral backing the Notes will consist of seasoned private education loans that were made and underwritten under various loan programs administered or sponsored by Navient Corporation (in its various forms), as well as student loan refinancings that were purchased from College Avenue Student Loans, LLC.

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.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.