NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed Currus V Limited's senior and subordinate facilities. The rating Outlook remains Stable.
KEY RATING DRIVERS
The ratings reflect the current rating of the underlying collateral, the class A-6 notes and class B notes issued by SLM Student Loan Trust 2007-1. As of June 2, 2014, the class A-6 notes were rated 'AAAsf' with a Stable Outlook and the class B notes were rated 'Asf'; Outlook Stable. The ratings assigned to Currus V Limited are linked to and move with the rating of the B note since all three facilities have exposure to the subordinated note.
RATING SENSITIVITIES
The ratings assigned to the Currus V transaction are linked to and move with the ratings of the underlying ABS notes.
Fitch affirms the following:
Currus V Limited:
--Senior facility at 'Asf'; Outlook Stable;
--Subordinated B facility at 'Asf'; Outlook Stable;
--Subordinated C facility at 'Asf'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria'(Aug. 4, 2014);
--'Fitch Affirms Three FFELP SLM ABS Trusts'(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
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=974915
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.