Fitch Affirms Currus V Limited Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the senior and subordinate facilities from Currus V Limited. The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the current rating of the underlying collateral, the class A-6 notes and class B notes issued by SLM Student Loan Trust 2007-1. As of Dec. 18, 2015, the class A-6 notes are rated 'AAAsf' Rating Watch Negative and the class B notes are rated 'Asf', Outlook Stable.

RATING SENSITIVITIES

The ratings assigned to Currus V Limited are linked to and move with the rating of the B note since all three facilities have exposure to the subordinated note. A downgrade of the B notes would likely result in a downgrade of the Currus V Limited notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings for Currus V Limited:

--Senior facility at 'Asf'; Outlook Stable;

--Subordinated B facility at 'Asf'; Outlook Stable;

--Subordinated C facility at 'Asf'; Outlook Stable.

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

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997948

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997948

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160115005717/en/

Fitch Ratings
Primary Analyst
Brian Perry
Associate Director
+1-212-908-9142
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-9156
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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