Press Release

DBRS Upgrades, Confirms and Discontinues Ratings on 42 Student Loan ABS Securities

Student Loans
July 12, 2019

DBRS, Inc. (DBRS) upgraded the ratings on two securities, confirmed the rating of 38 securities and discontinued the rating on two securities issued by 13 student loan U.S. asset-backed security (ABS) transactions. The performance trends of the two upgraded securities are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their new respective rating levels. The performance trends of the 38 confirmed securities are such that credit enhancement levels are sufficient to cover DBRS’s loss expectations at their current respective rating levels. The ratings of two remaining securities were discontinued due to repayment in full.

DBRS reviewed the following transactions:

-- Goal Structured Solutions Master Trust-I, Series 2017-A
-- Goal Structured Solutions Trust 2016-A
-- Goal Structured Solutions Trust 2016-B
-- 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
-- Navient Private Education Loan Trust 2018-B
-- Navient Private Education Loan Trust 2018-D
-- Navient Private Education Refi Loan Trust 2018-A
-- Navient Private Education Refi Loan Trust 2018-C
-- Navient Private Education Refi Loan Trust 2018-E

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, 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.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA

Ratings

Goal Structured Solutions Master Trust-I, Series 2017-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Goal Structured Solutions Trust 2016-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Goal Structured Solutions Trust 2016-B
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2015-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2015-B
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2015-C
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2016-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2017-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2018-B
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Loan Trust 2018-D
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Refi Loan Trust 2018-A
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Refi Loan Trust 2018-C
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
Navient Private Education Refi Loan Trust 2018-E
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jul 12, 2019
  • 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

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

Related Documents

Methodology Used:

Issuers

Show All

Contacts

Further Inquiries

To speak to members of our Business Development or Media Relations teams, please click here for more information.

More from Morningstar DBRS