NEW YORK--(BUSINESS WIRE)--Fitch Ratings currently maintains ratings on student loan bonds issued by Nelnet Student Loan Trust, Series 2006-1 (full list detailed below). Nelnet is requesting a confirmation of the current ratings assigned to the trust in connection with the proposed termination of the currency swap currently in place with Deutsche Bank AG, the conversion of the A-6 senior note to U.S. dollars, and the setting the spread of the A-6 senior note at 3M LIBOR + 45 basis points, all in conjunction with the issuance of the Third Supplemental Indenture. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.
Based on the information provided, termination of the currency swap currently in place with Deutsche Bank AG, the conversion of the A-6 senior note to U.S. dollars, the setting the spread of the A-6 senior note at 3M LIBOR + 45 basis points, and the issuance of the Third Supplemental Indenture will not have a material impact on the existing ratings. This determination only addresses the effect of the amendments on the current ratings assigned by Fitch to the securities listed below. This determination does not address whether this change is permitted by the terms of the documents, nor does it address whether this change is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.
Fitch's ratings on the above-mentioned trusts remain unchanged and are as follows:
Nelnet Student Loan Trust 2006-1:
--Class A-4 'AAAsf'; Rating Watch Negative;
--Class A-5 'AAAsf'; Rating Watch Negative;
--Class A-6 'AAAsf'; Rating Watch Negative;
--Class B 'BBB-sf'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated May 24, 2013;
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' dated May 17, 2013.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria -- Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795
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