DBRS, Inc. (DBRS) upgraded its ratings on the certificates issued by Laurel Road Servicing Master Trust, Series 2018-SA and Laurel Road Servicing Master Trust, Series 2018-SB (the Certificates) to A (sf) from BBB (sf).
The rating upgrades are a result of KeyBank N.A.’s (KeyBank; rated “A” with a Positive trend by DBRS) purchase of the Laurel Road Bank (LRB) online student loan refinance business and the subsequent sale and assignment of all of LRB’s rights and obligations under the related servicing agreements to KeyBank. The ratings assigned to the Certificates consider the quality of KeyBank and its ability to meet its obligations under the related servicing agreements.
The principal methodologies are Rating U.S. Structured Finance Transactions, Structured Finance Flow-Through Ratings and DBRS Master U.S. ABS Surveillance Methodology, 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 related appendix for additional information regarding the sensitivity of assumptions used in the rating process.
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