Fitch Comments on Nelnet 2002-2 Rating Agency Notification

NEW YORK--(BUSINESS WIRE)--Fitch Ratings currently maintains 'AAAsf'; Outlook Negative ratings on the outstanding senior and subordinate notes issued by Nelnet Student Loan Trust 2002-2 (the notes).

This transaction benefits from an interest rate cap provided by JPMorgan Chase and Morgan Stanley, each covering 50% of the outstanding class B balance. On Dec. 15, 2011, Fitch affirmed Morgan Stanley's ratings at 'A/F1' with a Stable Outlook, which is sufficient to support 'AAAsf' ratings as a derivative counterparty under Fitch's counterparty criteria. At that time, Fitch also analyzed the transaction performance and affirmed the ratings on Nelnet Student Loan Trust 2002-2 at 'AAAsf' for the notes.

On Jan. 13, 2012 Morgan Stanley elected to post collateral in accordance with the related Credit Support Annex (CSA), as a contractual remedy in response to the occurrence of a rating event under the ISDA Master Agreement governing the interest rate cap. Morgan Stanley has requested that Fitch confirm the existing ratings of the notes as of Jan. 13, 2012, following such rating event and the associated remedy. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirmations (May 8, 2009), Fitch is treating this request as a notification.

Fitch has determined that the rating event and collateral posting in accordance with the terms of the CSA will not impact the current ratings of the notes, since Fitch's rating of Morgan Stanley (and its related relevant entities) is consistent with Fitch's counterparty criteria.

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