DBRS Confirms Ratings on Navient Student Loan Trust 2015-3, 2016-3 and 2016-4

DBRS, Inc. (DBRS) has today confirmed seven ratings from three publicly rated U.S. structured finance asset-backed securities, as performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were confirmed:
-- Navient Student Loan Trust 2015-3
-- Navient Student Loan Trust 2016-3
-- Navient Student Loan Trust 2016-4

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 the historical performance of the Navient Solutions, Inc. Portfolio.

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.