DBRS Upgrades Earnest Student Loan Program Securities

DBRS, Inc. (DBRS) upgraded the public ratings of 14 securities issued by four U.S. asset-backed securities transactions: Earnest Student Loan Program 2016-B LLC, Earnest Student Loan Program 2016-C LLC, Earnest Student Loan Program 2016-D LLC and Earnest Student Loan Program 2017-A LLC. Performance and revised loss expectations for the reviewed securities are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective rating levels. Original loss expectancies were revised based on historical-performance observations of proxy data.

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 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 the 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.