Fitch Affirms Access Group, Inc. 2006-1 Indenture of Trust Notes

NEW YORK--()--Fitch Ratings affirms the Access Group, Inc. 2006-1 Indenture of Trust (Access Group 2006-1) senior and subordinate notes at 'AAAsf' and 'AAsf', respectively. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. Based The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: Cash flow scenarios for the outstanding notes were satisfactory under Fitch's stresses. Senior and total parity are at 108.33% and 101.00%, respectively as of the February 2015 distribution date. CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread. Cash is being released from the trust given the trust has reached its release level threshold of 101.00% parity.

Adequate Liquidity Support: Liquidity support for note is provided by a capitalized interest account currently sized at $1,525,815 as of February 2015.

Acceptable Servicing Capabilities: ACS is responsible for day-to-day servicing of the trust. Fitch believes ACS to be an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has affirmed the following ratings:

Access Group, Inc. 2006-1 Indenture of Trust

--Class A-2 note at AAAsf; Outlook Stable;

--Class A-3 note at AAAsf; Outlook Stable;

--Class B note at AAsf; Outlook Stable.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2014;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' dated June 23, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981833

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Contacts

Fitch Ratings
Primary Analyst
Victoria Ohorodnyk
Associate Director
+1-212-908-0866
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Michael Dean
Managing Director
+1-212-908-0556
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Victoria Ohorodnyk
Associate Director
+1-212-908-0866
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Michael Dean
Managing Director
+1-212-908-0556
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com