Fitch Affirms Senior and Subordinate Notes of SLM Student Loan Trust, Series 2006-9

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms both the senior notes at 'AAAsf' and the subordinate student loan note at 'BBBsf' issued by SLM Student Loan Trust series 2006-9. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, will remain Negative.

The rating on the subordinate notes will remain Stable.

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 has taken the following rating actions:

SLM Student Loan Trust, Series 2006-9:

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

--Class A-5: affirmed at 'AAAsf'; Outlook Negative;

--Class A-6: affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed at 'BBBsf'; 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' (Aug. 4, 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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