DBRS Morningstar Confirms Ratings on Goal Capital Funding Trust 2007-1

DBRS, Inc. (DBRS Morningstar) confirmed its ratings on the outstanding classes of securities included in the Goal Capital Funding Trust 2007-1 transaction as follows:

-- Student Loan Asset-Backed Notes, Series 2007-1, Class A-4 FRN at AAA (sf)
-- Student Loan Asset-Backed Notes, Series 2007-1, Class A-5 FRN at AAA (sf)
-- Student Loan Asset-Backed Notes, Series 2007-1, Class B-1 FRN at AA (high) (sf)

The confirmations are based on the following analytical considerations:

-- The transaction assumptions consider DBRS Morningstar’s baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios For Rated Sovereigns: June 2022 Update,” published on June 29, 2022. These baseline macroeconomic scenarios replace DBRS Morningstar’s moderate and adverse Coronavirus Disease (COVID-19) pandemic scenarios, which were first published in April 2020.

-- The transaction capital structure and credit enhancement levels are sufficient for the current ratings.

-- Credit enhancement is in the form of a reserve account and excess spread, with senior notes also benefiting from the subordination of junior notes.

-- Credit enhancement levels are sufficient to support the DBRS Morningstar-expected default and loss severity assumptions under various stress scenarios.

-- Collateral performance is within expectations, and cumulative net losses remain low. Forbearance and delinquency levels remain relatively stable.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no environmental, social, and governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

Notes:
The principal methodology is DBRS Morningstar Master U.S. ABS Surveillance (May 16, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar 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.

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

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