Four Ratings Lowered On SLM Student Loan Trust 2003-1

We reviewed four classes of notes from SLM Student Loan Trust 2003-1, a transaction backed by FFELP student loans. We lowered our ratings on the notes to 'A (sf)' from 'AA (sf)'. The downgrades of the senior classes reflect a slowed pace in notes principal repayment, and the downgrade of the subordinate class B notes reflects the relationship of their risk of repayment to the senior classes. NEW YORK (S&P Global Ratings) March 17, 2022--S&P Global Ratings today lowered its ratings on four classes of notes from SLM Student Loan Trust 2003-1 (see list). The transaction primarily consists of Stafford and Consolidation student loans originated through the U.S. Department of Education's (ED) Federal Family Education Loan Program (FFELP). Loans that

...- We reviewed four classes of notes from SLM Student Loan Trust 2003-1, a transaction backed by FFELP student loans. - We lowered our ratings on the notes to 'A (sf)' from '## (sf)'. - The downgrades of the senior classes reflect a slowed pace in notes principal repayment, and the downgrade of the subordinate class B notes reflects the relationship of their risk of repayment to the senior classes. NEW YORK (S&P Global Ratings) March 17, 2022--S&P Global Ratings today lowered its ratings on four classes of notes from SLM Student Loan Trust 2003-1 (see list). The transaction primarily consists of Stafford and Consolidation student loans originated through the U.S. Department of Education's (ED) Federal Family Education Loan Program (FFELP). Loans that have been serviced according to the FFELP guidelines are supported by a guarantee from the ED of at least 97% of a defaulted loan's principal and interest. Today's rating actions primarily reflect the liquidity pressure the senior notes are...

Ratings Action