DBRS, Inc. (DBRS) finalized its provisional ratings on the following classes of Notes (collectively, the Notes) issued by GAM Resecuritization Trust 2018-A:
-- $75,555,000 Class A-1 Notes at AAA (sf)
-- $3,676,000 Class A-2 Notes at AA (sf)
-- $6,644,000 Class B Notes at A (sf)
The ratings are based on a review by DBRS of the following analytical considerations:
-- The transaction’s form and sufficiency of available credit enhancement.
-- The performance of Goal Structured Solutions Trust 2016-A and the quality and credit characteristics of the underlying trust student loan borrowers.
-- Structural features of the transaction that require the Notes to enter into full turbo principal amortization if certain performance triggers are breached or if credit enhancement deteriorates.
-- The underlying servicer’s ability to perform collections on the underlying trust student loan pool and other required activities.
-- The legal structure and legal opinions that address the true sale of the underlying securities, the non-consolidation of the trust and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance.”
The Notes are collateralized by all of the outstanding notes and the residual certificates issued by Goal Structured Solutions Trust 2016-A.
All figures are in U.S. dollars unless otherwise noted.
The principal methodologies are Rating U.S. Private Student Loan Securitizations and Rating U.S. Structured Finance Transactions, which can be found on dbrs.com under Methodologies & Criteria.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Please see the attached appendix for additional information regarding sensitivity of assumptions used in the rating process.
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