DBRS Confirms Ratings on U.S. Student Loan ABS Transactions

DBRS, Inc. (DBRS) has today confirmed four classes of two publicly rated U.S. structured finance asset-backed securities. The four classes were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were confirmed:
-- CommonBond Student Loan Trust 2015-A
-- DRB Prime Student Loan Trust 2015-A

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and historical performance.

The confirmation of the outstanding rating of CommonBond Student Loan Trust 2015-A reflects 16.53% of current credit enhancement for the Class A Notes provided by the Reserve Account (0.46%) and overcollateralization (16.07%). As of the May 2016 payment date, the cumulative net loss ratio was 0.00% of the original collateral balance.

The confirmation of the outstanding ratings of DRB Prime Student Loan Trust 2015-A’s Class A-1 Notes reflects 12.28% of current credit enhancement provided by the Reserve Account (0.30%) and overcollateralization (11.98%), Class A-2 Notes reflects 12.47% of current credit enhancement provided by the Reserve Account (0.47%) and overcollateralization (12.00%) and Class A-3 Notes reflects 12.34% of current credit enhancement provided by the Reserve Account (0.36%) and overcollateralization (11.98%). As of the May 2016 payment date, the cumulative net loss ratio was 0.08% of the original collateral balance.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.