We reviewed our ratings on four classes of notes from SLM Student Loan Trust 2003-1, an ABS transaction backed by a pool of FFELP student loans. We lowered our ratings to 'BBB (sf)' from 'A(sf)'. The downgrades reflect our view of the slower pace of the senior notes' principal payments in relation to their legal final maturity dates. NEW YORK (S&P Global Ratings) May 13, 2025--S&P Global Ratings today lowered its rating on four classes of notes from SLM Student Loan Trust 2003-1 to 'BBB (sf)' from 'A (sf)' (see list). The transaction is backed by a pool of student loans originated through the U.S. Department of Education's (ED) Federal Family Education Loan Program (FFELP). Today's rating actions primarily reflect
