OVERVIEW We lowered our ratings on 87 classes and affirmed our ratings on 50 classes from 29 student loan ABS transactions issued by Sallie Mae that are collateralized by student loans originated through the U.S. government's FFELP program. We also removed all of these ratings from CreditWatch with negative implications. These rating actions follow the application of our revised criteria for the treatment of the U.S. government in its role as an insurer or guarantor, and government agency loan-level support in structured finance transactions. The lowered ratings reflect our view that these transactions are not able to absorb the 15% haircut (outlined in our September 2011 criteria) to the cash inflows received from the U.S. federal government under the FFELP
