DBRS Confirms Ratings of Navient Private Education Loan Trust 2015-C and Nelnet Private Education Loan Trust 2016-A

DBRS, Inc. (DBRS) confirmed the ratings of five securities issued by two U.S. structured finance asset-backed security transactions: Navient Private Education Loan Trust 2015-C (Navient 2015-C) and Nelnet Private Education Loan Trust 2016-A (Nelnet 2016-A). Specifically, the Class A Notes and Class B Notes issued by Navient 2015-C were confirmed at AAA (sf) and AA (sf), respectively. The Class A-1A Notes, Class A-1B Notes and Class B Notes issued by Nelnet 2016-A were confirmed at AA (low) (sf), AA (low) (sf) and BBB (sf), respectively. For all ratings, the performance trends are such that credit enhancement levels 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.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on drbs.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 the attached appendix for additional information regarding the sensitivity of assumptions used in the rating process.