DBRS Takes Rating Actions on U.S. ABS Transaction

DBRS, Inc. (DBRS) has today confirmed the current ratings of AAA (sf) for the Class A-1, Class A-2A, Class A-2B and Class A-3 Notes and AA (low) (sf) for the Class B Notes issued by Navient Private Education Loan Trust 2015-A. The confirmations are a result of credit enhancement levels being sufficient to cover DBRS’s expected losses at their current respective rating levels.

The 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.
-- The credit quality of the collateral pool and historical performance.

Notes:
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.