Fitch Affirms Ratings on SLM Student Loan Trust 2004-5

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the senior student loan-backed notes at 'AAAsf' and the subordinate student loan-backed note at 'BBsf' issued by SLM Student Loan Trust 2004-5. The collateral supporting the notes is comprised of student loans originated under the Federal Family Education Loan Program (FFELP). The Rating Outlook is Stable. A full rating list is shown below.

Fitch affirms the ratings on the SLM Student Loan Trust 2004-5 senior and subordinate notes based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B notes.

The loans are serviced and originated by SLM Corp. SLM Corp. provides funds for educational loans, primarily federal guaranteed student loans originated under the FFELP. SLM Corp. and its subsidiaries are not sponsored by or are agencies of the U.S. government. Fitch currently rates SLM Corp.'s long- and short-term Issuer Default Ratings (IDRs) 'BBB-' and 'F3', respectively.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2004-5 Student Loan-Backed Notes:

--Class A-4 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Class A-5 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Class A-6 affirmed at 'AAAsf/LS1'; Outlook Stable;

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

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', dated June 29, 2010.

--'Global Structured Finance Rating Criteria' dated Aug. 16, 2010.

--'Rating US Federal Family Education Loan Program Student Loan ABS', dated 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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