DBRS Assigns Provisional Ratings to Loan Science Student Loan Trust 2018-A

DBRS, Inc. (DBRS) assigned provisional ratings to the following classes of notes (collectively, the Notes) to be issued by Loan Science Student Loan Trust 2018-A (Loan Science 2018-A):

-- $48,600,000 Class A-1A Notes at A (sf)
-- $70,750,000 Class A-1B Notes at A (sf)
-- $8,100,000 Class B Notes at BBB (sf)

The DBRS provisional ratings on the Notes are based on a review by DBRS of the following considerations:
(1) The transaction’s form and sufficiency of available credit enhancement.
-- Overcollateralization, excess spread, subordination and a reserve fund create credit enhancement levels commensurate with the proposed ratings.
-- Transaction cash flows are sufficient to repay investors under all A (sf) and BBB (sf) stress scenarios in accordance with the terms of the Loan Science 2018-A transaction documents.
(2) The quality and credit characteristics of the student loan borrowers.
(3) The sequential pay, full-turbo nature of the structure.
(4) The ability of Loan Science, LLC and Nelnet Servicing, LLC, doing business as Firstmark Services to service and perform collections on the collateral pool and other required activities.
(5) The legal structure and expected legal opinions that will address the true sale of the student loans, the non-consolidation of the trust, that the trust has a valid perfected security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance.”

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

The principal methodology is Rating U.S. Private Student Loan Securitizations, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.