Fitch Affirms SLM Student Loan Trust's 2010-1 Senior & Sub Notes

NEW YORK--()--Fitch Ratings affirms the senior note at 'AAAsf' and the subordinate student loan note at 'Asf' issued by SLM Student Loan Trust 2010-1. The Rating Outlook on the senior note, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate note remains Stable. Fitch used its 'Global Structured Finance Rating Criteria', and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit 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 note.

Fitch affirms the following rating:

SLM Student Loan Trust 2010-1:

--Class A-1 at 'AAAsf'; Outlook Negative;

--Class B at 'Asf'; Outlook Stable.

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' (June 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 3, 2012).

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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Contacts

Fitch Ratings
Primary Analyst
Victoria Ohorodnyk, +1-212-908-0866
Analyst
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Cynthia Ullrich, +1 212-908-0609
Senior Director
or
Sandro Scenga, +1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Victoria Ohorodnyk, +1-212-908-0866
Analyst
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Cynthia Ullrich, +1 212-908-0609
Senior Director
or
Sandro Scenga, +1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com