Fitch Affirms Ratings on KeyCorp Student Loan Trust 2006-A (Group I)

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the senior student loan note at 'AAAsf' and affirms the subordinate student loan note at 'BBBsf' issued by KeyCorp Student Loan Trust 2006-A (Group I). The collateral supporting the notes is student loans originated under the Federal Family Education Loan Program (FFELP). The rating outlook is Stable. A full rating list is shown below.

The ratings on the KeyCorp Student Loan Trust 2006-A (Group I) senior and subordinate notes are affirmed based on sufficient level of credit enhancement to cover the applicable basis factor stresses. Credit enhancement consists of overcollateralization, subordination, and projected excess spread. The senior class A notes benefit from the subordination provided by the lower priority note.

The loans are originated and administered by KeyCorp Bank N.A. which provides funds for federal guaranteed student loans originated under the FFELP and private student loans. The trust is serviced by Great Lakes Education Loan Services Inc. and the Pennsylvania Higher Education Assistance Agency (PHEAA), neither of which are rated by Fitch.

Fitch has taken the following rating actions:

KeyCorp Student Loan Trust 2006-A (Group I):

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

--Class B affirmed at 'BBBsf/LS3'; Outlook Stable.

Class A-1 is paid in full.

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

Applicable Criteria and Related Research:

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

--'Global Structured Finance Rating Criteria' (Aug. 16, 2010);

--'Rating US Federal Family Education Loan Program Student Loan ABS'(April 7, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

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