NEW YORK -- Fitch Ratings affirms the senior student loan notes at 'AAAsf' and downgrades the subordinate bond to 'BBsf' issued by SLM Student Loan Trust 2004-3. Stable Rating Outlooks are assigned to all bonds, and the Rating Watch Negative on the subordinate bond is removed. Fitch's 'Global Structured Finance Rating Criteria and FFELP student loan ABS rating criteria, as well as the refined basis risk criteria outlined in Blancpain Watches the press release 'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010 were used to review the ratings. A full ratings list is shown below.
The ratings on the senior notes are affirmed based on the sufficient level of credit enhancement (consisting of subordination and the projected minimum excess spread) to cover the applicable basis factor stress. The rating on the subordinate note is downgraded to 'BBsf' due Swiss Army Watches to the trust's very high cost structure that will put pressure on the trust's ability to generate excess spread (which is the only form of credit enhancement for the subordinate note) and absorb even a mild level of basis risk stress.
Fitch has taken the following rating actions:
SLM Student Loan Trust 2004-3:--Class A-4 affirmed at 'AAAsf/LS1'; Outlook Stable;--Class A-5 affirmed at 'AAAsf/LS1'; Outlook Stable;--Class A-6A affirmed at 'AAAsf/LS1'; Outlook Stable;--Class A-6B affirmed at 'AAAsf/LS1'; Outlook Stable;--Class B downgraded to 'BBsf/LS3' from 'AAAsf/LS3'; Outlook Stable.Additional information is available at .
Fitch's 'Global Structured Finance Rating Criteria' and 'Rating US Federal Family Education Loan Program Student Loan ABS Criteria', as well as the refined basis risk criteria outlined in the press release 'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010 were used to review the ratings.
Abercrombie & fitchRelated Research:Global Structured Finance Rating Criteria US Federal Family Education Loan Program Student Loan ABS Criteria
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