Two Ratings Affirmed From Two FFELP Student Loan Transactions

OVERVIEW We affirmed our 'AA+ (sf)' ratings on two classes from two ABS transactions backed by FFELP student loans. The affirmations reflect our view that the current credit enhancement levels, coupled with the payment structures and collateral profiles, are sufficient to support the existing ratings. The affirmations also reflect our view that each transaction has sufficient liquidity to cover interest payments for the notes over the next several months, in spite of the impact of the COVID-19 pandemic. NEW YORK (S&P Global Ratings), May 15, 2020--S&P Global Ratings today affirmed its 'AA+ (sf)' ratings on two classes of notes issued from two student loan ABS transactions (see list). These transactions are primarily backed by pools of loans originated through the

...OVERVIEW + We affirmed our '##+ (sf)' ratings on two classes from two ABS transactions backed by FFELP student loans. + The affirmations reflect our view that the current credit enhancement levels, coupled with the payment structures and collateral profiles, are sufficient to support the existing ratings. + The affirmations also reflect our view that each transaction has sufficient liquidity to cover interest payments for the notes over the next several months, in spite of the impact of the COVID-19 pandemic. NEW YORK (S&P Global Ratings), May 15, 2020--S&P Global Ratings today affirmed its '##+ (sf)' ratings on two classes of notes issued from two student loan ABS transactions (see list). These transactions are primarily backed by pools of loans originated through the U.S. Department of Education's (ED's) Federal Family Education Loan Program (FFELP). Our review considered the transactions' collateral performance and available liquidity, changes in credit enhancement, and capital and payment...

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