DBRS Finalizes Provisional Rating on Navient Student Loan Trust 2017-6

DBRS, Inc. (DBRS) finalized its provisional rating on the following class issued by Navient Student Loan Trust 2017-6 (Navient 2017-6):

-- $750,900,000 Class A notes rated AAA (sf)

The rating is based on DBRS’s review of the following analytical considerations:

-- The transaction’s form and sufficiency of available credit enhancement.
-- The ability of the servicer to perform collections on the collateral pool and other required activities.
-- 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 the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Of the collateral securing Navient 2017-6, 100% consists of consolidation student loans originated pursuant to the Federal Family Education Loan Program, which are ultimately guaranteed by the United States Department of Education for at least 97% of principal plus accrued interest.

The notes will bear interest based on one-month LIBOR plus a margin and will be paid on a monthly basis beginning on the distribution date in December 2017. Principal will be paid to the Class A notes until such notes are paid in full.

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

The principal methodology is Rating U.S. Federal Family Education Loan Program Securitizations, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate initially 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 the sensitivity of assumptions used in the rating process.