DBRS Finalizes Provisional Ratings on Navient Private Education Loan Trust 2015-C

DBRS, Inc. (DBRS) has today finalized its provisional ratings on the following classes of notes issued by Navient Private Education Loan Trust 2015-C:

-- Floating Rate Class A Notes rated AAA (sf)
-- Fixed Rate Class B Notes rated AA (sf)

The DBRS finalized ratings are based on a review by DBRS of the following analytical considerations:

-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors in accordance with the terms of the Navient 2015-C transaction documents.
-- The ability of Navient as Servicer to perform collections on the collateral pool and other required activities.
-- The credit quality of the student loan collateral.
-- The seasoning of the student loans.
-- The swap agreement, which mitigates basis risk between the loans that are indexed to the Prime rate and adjust monthly, and the Class A Notes, which will be indexed to one-month LIBOR.
-- The legal structure and expected presence of legal opinions addressing the true sale of the student loans, the non-consolidation of the trust and 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:
All figures are in U.S. dollars unless otherwise noted.

These ratings are 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.