NEW YORK--(BUSINESS WIRE)--Fitch Ratings upgrades the long-term rating of LoanStar Asset Partners II, L.P., 1995 Master Trust Notes to 'AA-sf' from 'A+sf', and affirms the short-term rating at 'F1+sf'. The Rating Outlook for the long-term rating has been revised to Stable from Positive.
KEY RATING DRIVERS
The rating for each series of 1995 Master Trust notes is based on the support provided by a distinct direct-pay letter of credit (LOC) issued by State Street Bank and Trust Company (rated 'AA-/F1+' with a Stable Outlook by Fitch). State Street is obligated to make payments of interest and principal on the bonds upon maturity, acceleration, and redemption, as well as the purchase price for tendered bonds. The ratings assigned to a series of 1995 Master Trust notes will expire upon the earliest to occur of: November 30, 2015, the stated expiration date of each letter of credit, or as such date may be extended; any prior termination of a related letter of credit; and defeasance of such series of 1995 Master Trust notes.
RATING SENSITIVITIES
The rating of the bonds is exclusively tied to the long- and short-term ratings that Fitch maintains on the bank providing the LOC and will reflect all changes to the bank's ratings.
Fitch has upgraded the following ratings:
LoanStar Asset Partners II, L.P., 1995 Master Trust (fka Greater East and Greater Texas Student Loan Corp):
--Series 1995 B' to 'AA-sf/F1+sf' from 'A+sf/F1+sf';
--Series 1995 B to 'AA-sf/F1+sf' from 'A+sf/F1+sf';
--Series 1998A to 'AA-sf/F1+sf' from 'A+sf/F1+sf';
--Series 2000A to 'AA-sf/F1+sf' from 'A+sf/F1+sf'.
The Outlook has been revised to Stable from Positive
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);
--'Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper' (June 2, 2014).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389
Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749431
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=861414
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