NEW YORK?(BUSINESS WIRE)?
Fitch Ratings affirms the ratings on all notes of NorthStar Education
Finance, Inc 2006-A. The Rating Outlook remains Stable. Fitch?s Global
SF Criteria and U.S. Private SL ABS Criteria were used to review the
transaction. The ratings actions are detailed at the end of this press
release.
The affirmation is based on loss coverage multiples commensurate with
the ratings on the class A and B notes, currently rated at ?AAA? and
?A?, respectively. This review of NorthStar Education Finance, Inc
2006-A Private Student Loan Trust is based on collateral performance
data as of March 2011.
Loss coverage multiples were determined by comparing the projected net
loss amount to available credit enhancement. Fitch used historical
vintage loss data provided by Access Group to form a loss timing curve
representative of the collateral pool. After giving seasoning credit for
those loans in repayment, Fitch applied the current cumulative gross
loss level to the loss timing curve to derive the expected gross losses
over the remaining life. A recovery rate was applied, which was
determined to be appropriate based on the latest data provided by the
issuer.
Credit enhancement consists of excess spread and overcollateralization.
Furthermore, senior notes benefit from additional credit enhancement
provided by the subordinate note. Fitch assumed excess spread to be the
lesser of the current annualized excess spread; the average historical
excess spread; and the most recent 12-month average excess spread. That
same rate was applied over the remaining life.
The collateral securing the notes are 100% private student loans and
consists of loans originated by Access Group.
Fitch affirms the following ratings:
NorthStar Education Finance, Inc. 2006-A
?Class A-2 at ?AAA?; Outlook Stable;
?Class A-3 at ?AAA?; Outlook Stable;
?Class A-4 at ?AAA?; Outlook Stable;
?Class B at ?A?; Outlook Stable.
Additional information is available at ?www.fitchratings.com?.
Applicable Criteria and Related Research:
??Global Structured Finance Rating Criteria? dated Sept. 30, 2009;
??U.S. Private Student Loan ABS Criteria? dated Aug. 24, 2009.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326
U.S. Private Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=463174
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY?S PUBLIC WEBSITE ?WWW.FITCHRATINGS.COM?.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH?S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE ?CODE OF CONDUCT? SECTION OF
THIS SITE.
Article source: http://biz.yahoo.com/bw/110524/20110524006523.html?.v=1
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