Fitch Takes Various Actions on Multiple Collegiate Funding Services Ed Loan Trusts

NEW YORK--()--Fitch Ratings affirms the senior and subordinate notes issued by Collegiate Funding Services Education Loan Trust Series 2005-A. Additionally, Fitch affirms the senior and upgrades the subordinate notes issued by Collegiate Funding Services Education Loan Trust Series 2005-B. The Rating Outlook on all senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate notes 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 enhancement to cover the applicable risk factor stresses. The series 2005-B subordinate note is upgraded as a result of increase in excess spread due to the reduction of servicing cost, which is unit based and driven by the number of borrowers. In addition the subordinate note has been receiving principal payments along with the senior notes since it passed its stepdown date.

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 has taken the following rating actions:

Collegiate Funding Services Ed Loan Trust, Series 2005-A:

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

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

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

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

Collegiate Funding Services Ed Loan Trust, Series 2005-B:

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

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

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

--Class B upgraded to 'Asf' from 'A-sf'; 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
Analyst
+1-212-908-0866
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Victoria Ohorodnyk
Analyst
+1-212-908-0866
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Steven Stubbs
Senior Director
+1-212-908-0676
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com