Fitch Takes Various Actions on KeyCorp Student Loan Trust 2006-A (Group I) Notes

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the senior student loan notes issued by KeyCorp Student Loan Trust 2006-A (Group I) at 'AAAsf' and upgraded the subordinate note to 'A+sf' from 'BBBsf'. The Rating Outlook for the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative. The Rating Outlook for the subordinate note remains Stable.

KEY RATING DRIVERS

Fitch affirms the ratings on the senior notes based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior notes consists of overcollateralization, projected minimum excess spread, and subordination provided by the class B notes.

The rating on the subordinate note is upgraded to 'A+sf' from 'BBBsf' due to the sufficient level of credit enhancement to cover the applicable basis factor stresses at the 'A+sf' rating category. The class B note began receiving principal payments after the stepdown date in December 2011, and parity has remained, and is expected to continue to remain, steady at the 100.25% release level.

Fitch has taken the following rating actions:

KeyCorp Student Loan Trust 2006-A (Group I):

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

--Class B upgraded to 'A+sf' from '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' dated June 6, 2012;

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