DBRS Takes Rating Actions on U.S. ABS Navient Student Loan Trust Transactions

DBRS, Inc. (DBRS) confirmed the ratings on 54 publicly rated securities and upgraded the rating on one security issued by 21 Navient Student Loan Trust U.S. structured finance asset-backed security transactions. Rating confirmations on 54 securities reflect credit enhancement levels that are sufficient to cover DBRS’s expected losses at their current respective rating levels. The rating upgrade reflects a credit enhancement level that is sufficient to cover DBRS’s expected losses at its new rating level. DBRS also discontinued the ratings on six securities as a result of repayment.

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 & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related 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.

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