Fitch Maintains Rating Watch Negative on Various FFELP Trusts

NEW YORK--()--Fitch Ratings maintains its Negative Rating Watch on nine tranches from four FFELP trusts. The student loan notes are issued by Access Group, Inc. Series 2007-1, Nelnet Student Loan Trust 2008-3, SLM Student Loan Trust 2008-1, and SLM Student Loan Trust 2012-7. All nine tranches have heightened risk of missing legal final maturity dates and are still in the process of additional analysis. Fitch expects to complete the review and resolve the Rating Watch status over the next few months. A full list of rating actions follows at the end of this press release.

For more information regarding the Rating Watch Negative, please see the release titled 'Fitch Places 57 U.S. FFELP ABS Tranches on Rating Watch Negative for Maturity Risk' dated June 26, 2015, and available at www.fitchratings.com.

DUE DILIGENCE USAGE

Fitch was not provided due diligence information from any third parties.

Fitch has maintained the Negative Rating Watch for the following tranches:

Access Group, Inc. Series 2007-1

--A-3 at 'AAAsf';

--B at 'AAAsf';

--C at 'Asf'.

Nelnet Student Loan Trust 2008-3

--A-4 at 'AAAsf'.

SLM Student Loan Trust 2008-1

--A-3 at 'AAAsf';

--A-4 at 'AAAsf';

--B at 'Asf'.

SLM Student Loan Trust 2012-7

--A-2 at 'AAAsf';

--B at 'A+sf'.

Additional information is available at www.fitchratings.com.

Applicable Criteria

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

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

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria (pub. 23 Jun 2014)

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

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991456

Endorsement Policy

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

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.

Contacts

Fitch Ratings, Inc.
Primary Analyst
Paul Jiang
Associate Director
+1-212-908-9120
33 Whitehall St.
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, Inc.
Primary Analyst
Paul Jiang
Associate Director
+1-212-908-9120
33 Whitehall St.
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