Fitch Affirms 4 SLC Student Loan Trusts

NEW YORK--()--Fitch Ratings has affirmed the senior and subordinate student loan notes issued by SLC Student Loan Trust 2006-2 and 2007-1 at 'AAAsf' and 'BBBsf', respectively, the senior and subordinate student loan notes issued by SLC Student Loan Trust 2007-2 at 'AAAsf' and 'BBsf', respectively, and the senior and subordinate student loan notes issued by SLC Student Loan Trust 2008-2 at 'AAAsf' and 'Asf', respectively. The Rating Outlooks for the 'AAAsf' notes, which are tied to the sovereign rating of the U.S. government, remain Negative. The Rating Outlooks for all other notes remain Stable with the exception of SLC 2008-2, whose Outlook has been revised to Positive from Stable.

Fitch affirms the ratings on the 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 Stable Outlook on the subordinate note of SLC 2008-2 has been revised to Positive, as the trust is reaching a pool balance of 40% (as of Nov. 30, 2012 the pool balance is at 45%), which triggers the reserve account not to be included in the total reported parity. This feature will trap more cash in the trust before being released to the issuer.

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 has affirmed the following ratings:

SLC Student Loan Trust 2006-2:

--A-4 at 'AAAsf'; Outlook Negative;

--A-5 at 'AAAsf'; Outlook Negative;

--A-6 at 'AAAsf'; Outlook Negative;

--B at 'BBBsf'; Outlook Stable.

SLC Student Loan Trust 2007-1:

--A-3 at 'AAAsf'; Outlook Negative;

--A-4 at 'AAAsf'; Outlook Negative;

--A-5 at 'AAAsf'; Outlook Negative;

--B at 'BBBsf'; Outlook Stable.

SLC Student Loan Trust 2007-2:

--A-1- Paid in Full

--A-2 at 'AAAsf'; Outlook Negative;

--A-3 at 'AAAsf'; Outlook Negative;

--B at 'BBsf'; Outlook Stable.

SLC Student Loan Trust 2008-2:

--A-2 at 'AAAsf'; Outlook Negative;

--A-3 at 'AAAsf'; Outlook Negative;

--A-4 at 'AAAsf'; Outlook Negative;

--B at 'Asf'; Outlook to Positive from 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' (April 3, 2012).

Applicable Criteria and Related Research:

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contacts

Fitch Ratings
Primary Analyst
Jenny Ovalle, +1-212-908-0849
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Tracy Wan, +1-212-908-9171
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Jenny Ovalle, +1-212-908-0849
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Tracy Wan, +1-212-908-9171
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com