DBRS Upgrades Eight Ratings and Confirms Six Ratings of Earnest Student Loan Program Transactions

DBRS, Inc. (DBRS) upgraded the ratings on eight securities and confirmed the ratings on six securities issued by Earnest Student Loan Program U.S. asset-backed security transactions. The performance trends of the securities upgraded are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective new rating levels. The performance trends of the securities confirmed are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their respective current rating levels.

The transactions reviewed were:
-- 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

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, current 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 (March 2019), which can be found on dbrs.com under Methodologies & Criteria.

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.

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