Fitch Affirms Credit Suisse ABS Repackaging Trust 2013-A

NEW YORK--()--Fitch Ratings has affirmed the Credit Suisse ABS Repackaging Trust 2013-A class B notes at 'BBBsf'. The Rating Outlook remains Stable.

KEY RATING DRIVERS

Rating Cap at 'Asf': Fitch doesn't believe a rating higher than 'Asf' on the class B notes can be achieved, due primarily to the expected high volatility of the underlying trust's residual cash flows. In addition, Fitch does not expect the rating on the class B notes to be higher than the rating on the class A notes of the underlying trust, as excess cash can only be released from the underlying trust after interest and principal payments are made to the class A notes. However, the rating of the class B notes is not directly linked to the rating of the class A notes.

Adequate Collateral Quality of the Underlying Trust: The underlying trust is collateralized by private student loans made prior to May 2008 to graduate law and other professional students under Access Group's private student loan programs.

Increase in Credit Enhancement of the Underlying Trust: The underlying trust has been able to build up credit enhancement after closing. As of March 31, 2016, overcollateralization as a percentage of total asset balance was 50.58%, an increase from 39.6% at closing. Life-to-date cumulative defaults stood at 10.77% of the initial pool balance. Fitch currently rates the class A notes of the underlying trust 'AAAsf'/Outlook Stable.

Sufficient Credit Enhancement: Fitch expects that the excess cash released from the underlying trust will be sufficient to cover interest and principal payments of the class B notes under Fitch's 'BBBsf' stresses.

Adequate Liquidity Support: Liquidity support for the class B notes is provided by a reserve account, fully funded at closing and maintained at $10 million or the outstanding class B note balance, whichever is lower.

Acceptable Servicing Capabilities: Xerox Education Services, Inc. (Xerox-ES), as servicer, is responsible for servicing the underlying trust. Fitch believes Xerox-ES is an acceptable servicer of private student loans.

RATING SENSITIVITIES

As Fitch's base case default proxy for the underlying trust 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 credit enhancement and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

Credit Suisse ABS Repackaging Trust 2013-A:

--Class B at 'BBBsf'; Outlook Stable.

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 Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

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=1005592

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1005592

Endorsement Policy

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

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Contacts

Fitch Ratings
Primary Analyst
Harry Kohl
Director
+1-212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Harry Kohl
Director
+1-212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com