DBRS Upgrades and Confirms Ratings on Earnest Student Loan Program 2016-D LLC

DBRS, Inc. (DBRS) reviewed four class of notes issued by the Earnest Student Loan Program 2016-D LLC. Of the four outstanding publicly rated classes reviewed, two were confirmed and two were upgraded. For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the notes that were upgraded, credit enhancement is sufficient to cover DBRS expected losses at a level consistent with the new ratings.

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

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 sensitivity of assumptions used in the rating process.