NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the student loan note issued by KnowledgeWorks Foundation Series 2010 at 'AAAsf.' The Rating Outlook remains Negative. The ratings actions are detailed at the end of this press release.
The collateral supporting the notes is comprised of student loans originated under the Federal Family Education Loan Program (FFELP). The Negative Outlook on the senior notes is tied to the outlook on the U.S. sovereign rating.
Fitch used its 'Global Structured Finance Rating Criteria,' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.
Fitch affirms the ratings on the note based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the note consists of overcollateralization and projected minimum excess spread.
Fitch has taken the following rating actions:
KnowledgeWorks Foundation Series 2010:
--Class A affirmed at 'AAAsf'; Outlook Negative.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);
--'U.S.FFELP Student Loan ABS Rating Criteria' (May 10, 2011);
--'Rating U.S. 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=679923
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202
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