Published: March 10, 2010
Fitch Affirms U.S. Education Loan Trust IV Senior Notes
NEW YORK - (BUSINESS WIRE) - Fitch Ratings affirms the long-term ratings on the senior notes of the
U.S. Education Loan Trust IV, LLC - March 1, 2006 Indenture of Trust
(USELT) senior notes. The Rating Outlook is Stable. A complete list of
rating actions is at the end of this release. The trust has sufficient
credit enhancement for the senior notes with senior parity at 103.52% as
of December 2009 and increasing.
Fitch's Global Structured Finance Rating Criteria were used to review
the ratings and the affirmation is based on the performance of the
trust, which has been in line with expectations. Senior parity has
continued to increase despite the ongoing dislocation of the auction
rate market. The Stable Rating Outlook has been maintained because, with
the significant buildup of parity for the senior notes, the ratings are
expected to remain stable for the next two years. The subordinate
student loan notes will be reviewed separately upon the completion of
the updated basis risk analysis.
The collateral supporting the USELT notes consists entirely of federally
guaranteed student loans originated under the Federal Family Education
Loan Program (FFELP). FFELP loans are guaranteed at least 97% of
principal and accrued interest, depending on the loan origination date.
The student loan portfolio is serviced by Pennsylvania Higher Education
Assistance Authority, Sallie Mae, ACS and Great Lakes Educational Loan
Services.
Fitch affirms the ratings on the following senior classes of USELT notes:
--2006-1 A-1 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-2 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-3 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-4 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-5 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-6 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-7 notes at 'AAA/LS1'; Outlook Stable;
--2006-1 A-8 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-1 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-2 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-3 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-4 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-5 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-6 notes at 'AAA/LS1'; Outlook Stable;
--2006-2 A-7 notes at 'AAA/LS1'; Outlook Stable;
--2007-1 A-2 notes at 'AAA/LS1'; Outlook Stable;
--2007-1 A-3 notes at 'AAA/LS1'; Outlook Stable;
--2007-1 A-4 notes at 'AAA/LS1'; Outlook Stable.
The following applicable criteria report is available on Fitch's web
site at 'www.fitchratings.com':
--'Global Structured Finance Rating Criteria' dated Sept. 30, 2009.
Additional information is available at 'www.fitchratings.com'.
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 Ratings, New York
Paul Landerman, +1-212-908-0876
Aoto
Kenmochi, +1-212-908-0867
Media Relations:
Sandro Scenga,
+1-212-908-0278
sandro.scenga@fitchratings.com
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