DBRS Morningstar Assigns Ratings to Goal Structured Solutions Master Trust-I, Series 2019-A

DBRS, Inc. (DBRS Morningstar) assigned ratings to the following classes of notes issued by Goal Structured Solutions Master Trust-I, Series 2019-A (GSSMT 2019-A):

-- Series 2019-A, Class A Notes, rated A (sf)
-- Series 2019-A, Class B Notes, rated BBB (sf)

The ratings are based on a review by DBRS Morningstar of the following analytical considerations:

-- The transaction’s form and sufficiency of available credit enhancement.
-- The quality and credit characteristics of the student loan borrowers.
-- Structural features of the transaction that require the Class A Notes to enter into full turbo principal amortization if certain performance triggers are breached.
-- The legal structure and legal opinions that address the true sale of the student loans, the non-consolidation of the trust, that the trust has a valid first-priority security interest in the assets and consistency with the DBRS Morningstar “Legal Criteria for U.S. Structured Finance” methodology.

GSSMT 2019-A consists of seasoned student loans originated by various lenders. The GSSMT 2019-A Notes benefit from credit enhancement consisting of note subordination provided by the Class B Notes for the benefit of the Class A Notes, overcollateralization, a reserve account and excess spread.

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 & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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 [email protected].

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