DBRS Finalizes Provisional Ratings on EdLinc Student Loan Funding Trust 2017 A Private Student Loan Asset Backed Notes

DBRS, Inc. (DBRS) finalized its provisional ratings on the following classes of Notes issued by EdLinc Student Loan Funding Trust 2017 A Private Student Loan Asset Backed Notes:

-- $114,384,000 Class A Notes, rated A (sf)
-- $10,000,000 Class B Notes, rated BBB (sf)

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

-- The transaction’s form and sufficiency of available credit enhancement.
-- Overcollateralization, note subordination, excess spread and the Reserve Fund create credit enhancement levels that are commensurate with the proposed ratings.
-- The quality and credit characteristics of the student loan borrowers.
-- The sequential pay, full-turbo nature of the structure.
-- The ability of the Servicer to perform collections on the collateral pool and other required activities.
-- The benefits offered by the existence of the hot Back-up Servicer.
-- The legal structure and legal opinions that 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.”

EdLinc 2017-A consists of a pool of seasoned private student loans that were originated under various Student Loan Finance Corporation private student loan programs. The loans were originated by various lenders and subsequently purchased by Student Loan Finance Corporation.

The EdLinc 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.

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