Press Release

DBRS Upgrades and Confirms 57 SoFi Professional Loan Program Securities

Student Loans
April 26, 2018

DBRS, Inc. (DBRS) reviewed the public ratings of 57 securities issued by 17 SoFi Professional Loan Program U.S. asset-backed securities transactions that are backed by private student loans. Of the 57 securities reviewed, 46 were confirmed and 11 were upgraded. 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 transaction reviewed are as follows:

-- SoFi Professional Loan Program 2013-A LLC
-- SoFi Professional Loan Program 2014-A LLC
-- SoFi Professional Loan Program 2014-B LLC
-- SoFi Professional Loan Program 2015-A LLC
-- SoFi Professional Loan Program 2015-B LLC
-- SoFi Professional Loan Program 2015-C LLC
-- SoFi Professional Loan Program 2015-D LLC
-- SoFi Professional Loan Program 2016-A LLC
-- SoFi Professional Loan Program 2016-B LLC
-- SoFi Professional Loan Program 2016-C LLC
-- SoFi Professional Loan Program 2016-D LLC
-- SoFi Professional Loan Program 2016-E LLC
-- SoFi Professional Loan Program 2017-A LLC
-- SoFi Professional Loan Program 2017-C LLC
-- SoFi Professional Loan Program 2017-D LLC
-- SoFi Professional Loan Program 2017-E LLC
-- SoFi Professional Loan Program 2017-F LLC

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.

Ratings

SoFi Professional Loan Program 2013-A LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2014-A LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2014-B LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2015-A LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2015-B LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2015-C LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2015-D LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2016-A LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2016-B LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2016-C LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2016-D LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2016-E LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2017-A LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2017-C LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2017-D LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2017-E LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Upgraded
  • Ratings:A (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
SoFi Professional Loan Program 2017-F LLC
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Apr 26, 2018
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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