DBRS Morningstar Confirms Ratings on Nelnet Student Loan Trust 2021-A

DBRS, Inc. (DBRS Morningstar) confirmed its ratings on all classes of rated notes (the Notes) issued by Nelnet Student Loan Trust 2021-A (Nelnet 2021-A):

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-PT1 at AAA (sf)
-- Class A-PT2 at AAA (sf)
-- Class B-1 at AA (sf)
-- Class B-2 at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)

The rating confirmations on the Notes are based on a review by DBRS Morningstar of the following considerations:

-- After the Nelnet 2021-A closing date, DBRS Morningstar was notified that a discrepancy in the coding with respect to the maturity dates for certain trust student loans was identified by the transaction’s servicer. The corrected maturity dates reduced the weighted-average remaining term to scheduled maturity of the trust student loans as of the transaction’s statistical cut-off date to 158 months from 167 months. As a result of incorporating the correct maturity dates into its rating analysis, DBRS Morningstar has determined that the Nelnet 2021-A credit enhancement levels remain sufficient and can support DBRS Morningstar’s expected cash flow assumptions under its stress scenarios.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

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

The principal methodology is Rating U.S. Private Student Loan Securitizations (November 5, 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 release: 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.

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.dbrsmorningstar.com or contact us at [email protected].

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