DBRS Morningstar Confirms Provisional Ratings on Navient Private Education Refi Loan Trust 2020-D

DBRS, Inc. (DBRS Morningstar) confirmed its provisional ratings on the following classes of notes (the Notes) to be issued by Navient Private Education Refi Loan Trust 2020-D (Navient 2020-D), originally assigned on May 28, 2020. The confirmations are in conjunction with DBRS Morningstar’s “Global Macroeconomic Scenarios: June Update” published on June 1, 2020:

-- $744,400,000 Class A Notes rated AAA (sf)
-- $63,200,000 Class B Notes rated AA (sf)

DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020. The scenarios were updated on June 1, 2020, and the updated scenarios are reflected in our rating analysis.

Despite the update to the moderate scenario, no changes were made to DBRS Morningstar’s assumptions for the transaction. DBRS Morningstar maintains its expected cumulative default assumption as it was based on various factors and considerations consistent with the revised macroeconomic assumptions put forth in the update to the moderate scenario.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is U.S. ABS General Ratings Methodology (March 31, 2020), which can be found on dbrsmorningstar.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.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press releases: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277