DBRS Takes Rating Action on 47 U.S. ABS Transactions

DBRS, Inc. (DBRS) reviewed the public ratings of 47 securities issued by two U.S. asset-backed Master Trusts and two individual U.S. ABS transactions. All securities are backed by FFELP (Federal Family Education Loan Program) student loan receivables. Of the 47 securities reviewed, DBRS confirmed 38 and discontinued nine due to repayment in full. Performance for the securities confirmed is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective rating levels.

The transactions reviewed are as follows:
-- Brazos Higher Education Authority, Inc. 2004A Trust
-- GCO Education Loan Funding Master Trust-II, Series 2006-2
-- GCO Education Loan Funding Master Trust-II, Series 2007-1
-- Goal Capital Funding Trust 2007-1
-- Nelnet Student Loan Trust 2012-4

The 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.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, 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 attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.