Fitch Takes Various Rating Actions on Access Group's Student Loan Notes, 2006-1

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the senior student loan notes and upgraded the subordinate bond issued by Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2006-1. The Rating Outlook is Stable. A full ratings list is shown below.

The ratings on the senior notes have been affirmed and the subordinate note has been upgraded to 'AAsf' based on sufficient level of credit enhancement, including overcollateralization, subordination, and projected minimum excess spread, to cover the applicable basis factor stress.

Fitch has taken the following rating actions:

Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2006-1

--Class A-1 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Class A-2 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Class A-3 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Class B upgraded to 'AAsf/LS3' from 'Asf/LS3'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'

Related Research:

--'Global Structured Finance Rating Criteria', dated Aug. 13, 2010;

--'Rating US Federal Family Education Loan Program Student Loan ABS Criteria', dated April 11, 2008;

--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010.

Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

Rating US Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=382306

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