DBRS Upgrades One and Confirms 24 Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) upgraded the rating of one security and confirmed the ratings of 24 securities that were issued by eight U.S. asset-backed (ABS) transactions. Performance of the security upgraded is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at its new rating level. Performance for the securities confirmed is such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective rating levels.

The transactions reviewed were:

-- Navient Private Education Loan Trust 2015-A
-- Navient Private Education Loan Trust 2015-B
-- Navient Private Education Loan Trust 2015-C
-- Navient Private Education Loan Trust 2016-A
-- Navient Private Education Loan Trust 2017-A
-- Goal Structured Solutions Trust 2016-A
-- Goal Structured Solutions Trust 2016-B
-- Goal Structured Solutions Master Trust-I, Series 2017-A

The ratings are based on DBRS’s review of the following analytical considerations:

-- Amendments made to the transaction.
-- 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 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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.