DBRS Finalizes Provisional Ratings on DRB Prime Student Loan Trust 2015-C

DBRS, Inc. (DBRS) has today finalized its provisional ratings of A (sf) on the Class A Notes issued by DRB Prime Student Loan Trust 2015-C (DRB 2015-C). The finalized ratings are based on the following considerations:

-- The transaction’s form and sufficiency of available credit enhancement.
(1) Overcollateralization, a reserve account and excess spread create credit enhancement levels that are commensurate with an A (sf) rating for the Notes.
(2) Transaction cash flows are sufficient to repay investors under each A (sf) stress scenario in accordance with the terms of the DRB 2015-C transaction documents.
-- The quality and credit characteristics of the student loan borrowers.
-- Structural features of the transaction that require the Class A Notes to enter into full turbo principal amortization if certain performance triggers are breached.
-- DRB’s origination and underwriting capabilities.
-- The ability of the Servicer and the Backup Servicer to perform collections on the collateral pool and other required activities.
-- The benefits offered by the existence of the hot Backup Servicer.
-- The legal structure and legal opinions that address the true sale of the student loans, the non-consolidation of the trust, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating U.S. Private Student Loan Securitizations, which can be found on our website under Methodologies.