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

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities (ABS) student loan transactions. The publicly rated classes reviewed 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 reviewed:
-- Navient Private Education Loan Trust 2015-B
-- SoFi Professional Loan Program 2015-C LLC

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 confirmations of the outstanding ratings of Navient Private Education Loan Trust 2015-B reflect the 40.00% current credit enhancement provided by overcollateralization. As of the June 2016 payment date, the cumulative net loss ratio was 1.98% of the original collateral balance.

The confirmations of the outstanding ratings of SoFi Professional Loan Program 2015-C LLC reflect the 20.24%, 18.92% and 9.12% current credit enhancement provided by overcollateralization for the Class A-1 notes, Class A-2 notes and Class B notes, respectively. As of the June 2016 payment date, the cumulative net loss ratio was 0.07% 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.