Fitch Affirms Access Group 2003-A

NEW YORK--()--Fitch Ratings affirms the ratings of the outstanding notes issued by Access Group Inc., 2003-A Indenture of Trust. The Rating Outlook remains Stable for the senior notes and Negative for the subordinate notes. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately $126.4 million of private student loans as of October 2015. The loans were originated by Access Group Inc. Projected remaining gross defaults are expected to be in the range of 8%-11% of the current collateral balance. A recovery rate of 23.5% was applied, which was determined to be appropriate based on the latest data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread. Senior and total parity ratios are currently 159.84% and 101.81%, respectively.

Adequate Liquidity Support: Liquidity support is provided by a $400,000 capitalized interest account.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services. Fitch believes the servicing operations are acceptable at this time.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the bonds and may make certain bond ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

Access Group, Inc. Series 2003-A Indenture of Trust:

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

--Class A-3 at 'AAAsf'; Outlook Stable.

--Class B at 'Bsf'; Outlook Negative.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub. 19 Dec 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838868

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

U.S. Private Student Loan ABS Criteria (pub. 31 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868836

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=995174

Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995174

Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst:
Nicole Edwards, +1-212-908-9114
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Kevin Corrigan, +1-212-908-9156
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Nicole Edwards, +1-212-908-9114
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Kevin Corrigan, +1-212-908-9156
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
sandro.scenga@fitchratings.com