Fitch Affirms SLM Private Student Loan Trust 2003-B

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all ratings for the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2003-B (SLM 2003-B). The Rating Outlook remains Negative.

A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately $394 million of private student loans originated by Navient Corp. under the Signature Education Loan Program, LAWLOANS program, MBALoans program, and MEDLOANS program. The projected remaining defaults are expected to range between 10%-12%. A recovery rate of 20% was applied which was determined to be appropriate based on data provided by the issuer.

Credit Enhancement (CE): CE is provided by excess spread and the senior notes benefits from subordination provided by the junior notes. As of the June 16, 2015 distribution, the senior parity, subordinate parity and total parity ratios are 118.58%, 111.54% and 96.02% respectively, comparable to levels observed last year.

Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.12 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust

DUE DILIGENCE USAGE

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

Fitch affirms the following ratings:

SLM Private Credit Student Loan Trust 2003-B:

--Class A-2 at 'A-sf'; Outlook Negative;

--Class A-3 at 'A-sf'; Outlook Negative;

--Class A-4 at 'A-sf'; Outlook Negative;

--Class B at 'BBsf'; Outlook Negative; and

--Class C at 'CCCsf', RE 15%.

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

U.S. Private Student Loan ABS Criteria (pub. 31 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868836

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989304

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989304

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/20150811005831/en/

Fitch Ratings
Primary Analyst
Charlene M. Davis
Director
+1-212-908-0213
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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