NEW YORK--(BUSINESS WIRE)--On Feb. 14, 2011, Fitch Ratings affirmed the senior notes at 'AAAsf' and subordinate student loan notes at 'BBBsf' issued by SLM Student Loan Trust Series 2005-4. The Rating Outlook remains Stable for both the senior and subordinate bonds. A full ratings list is shown below.
The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit enhancement to cover the applicable basis factor stress.
Credit enhancement consists of subordination, overcollateralization and the projected excess spread. Additionally, the class A notes benefit from subordination provided by the lower priority notes.
The loans are serviced and originated by SLM Corp. SLM Corp. provides funds for educational loans, primarily federal guaranteed student loans originated under the FFELP. SLM Corp. and its subsidiaries are not sponsored by or are agencies of the U.S. government. Fitch has assigned SLM Corp. long- and short-term Issuer Default Ratings (IDRs) of 'BBB-' and 'F3', respectively.
SLM Student Loan Trust Series 2005-4:
--Class A-2 affirmed at
'AAAsf/LS1'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf/LS1';
Outlook Stable;
--Class A-4 affirmed at 'AAAsf/LS1'; Outlook Stable;
--Class
B affirmed at 'BBBsf/LS3'; Outlook Stable.
Additional information is available at www.fitchratings.com.
Applicable Criteria and Related Research:
--'Global Structured
Finance Rating Criteria' dated Aug. 13, 2010;
--'U.S.FFELP Student
Loan ABS Rating Criteria' dated April 11, 2008;
--'Fitch to Begin
Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29,
2010.
Applicable Criteria and Related Research:
Global Structured Finance
Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
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