DBRS Morningstar Takes Rating Actions on 12 Navient Student Loan Trust Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on 32 classes from 12 Navient Student Loan Trust transactions. Of the rated classes reviewed, DBRS Morningstar discontinued two ratings because of full repayment and confirmed 30 ratings. The rating confirmations reflect that the credit enhancement levels are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

The ratings are based on DBRS Morningstar’s review of the following analytical considerations:

-- The transaction’s capital structure, proposed ratings, and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities regarding origination, underwriting, and servicing.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is 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 not participate in the rating process for this rating action. DBRS Morningstar did have 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 attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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