DBRS Upgrades and Confirms Ratings of Earnest Student Loan Program 2016-B LLC

DBRS, Inc. (DBRS) has today taken the following rating actions on Earnest Student Loan Program 2016-B LLC:

-- Series 2016-B, Class A-1 Notes upgraded to A (high) (sf) from A (sf)
-- Series 2016-B, Clas A-2 Notes upgraded to A (high (sf) from A (sf)
-- Series 2016-B, Class B Notes confirmed at BBB (sf)

These rating actions reflect credit enhancement levels that are 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.
-- Credit quality of the collateral pool and historical performance.

The confirmation of the outstanding rating of Earnest Student Loan Program 2016-B LLC reflects a reserve account of 0.24% of the current pool balance and overcollateralization of 9.62% of the current pool balance. As of the April 2017 payment date, the cumulative net loss ratio was 0.06% of the original collateral balance.

Notes:
The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com 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 the 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.