DBRS Morningstar Takes Rating Actions on Seven Navient Private Education Loan Trust Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on 26 outstanding ratings from seven Navient Private Education Loan Trust transactions. Of the rated classes reviewed, DBRS Morningstar confirmed 24 and discontinued two because of repayment. For the classes that were confirmed, performance trends reflect credit enhancement levels that are sufficient to cover DBRS Morningstar’s expected losses at their current respective rating levels.

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

-- 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 DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The rated entity or its related entities did not 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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