Provisional ratings are based on DBRS Morningstar’s review of the following analytical considerations:
The transaction assumptions take into account DBRS Morningstar’s basic macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios for Rated Sovereigns”, published on
Capital structure of the transaction, proposed ratings, form and sufficiency of the available credit enhancement.
The ability of the transaction to withstand stressed cash flow assumptions and repay investors in accordance with the terms of the contract
The sequential compensation structure.
Structural features of the transaction which require Class A Notes to be fully amortized to turbo principal in certain circumstances.
The quality and credit characteristics of student loans and the underlying borrowers.
The ability to
The legal structure and expected presence of legal opinions that will address the actual sale of the student loans, the non-consolidation of the trust, the fact that the trust has valid first-class security interests in the assets and consistency with the DBRS Morningstar ‘Legal Criteria
The collateral underlying the Notes will consist of fixed rate and variable rate student loan refinances. Earnest, which was acquired by
A description of how DBRS Morningstar views 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 https://www.dbrsmorningstar.com/research/373262.
All figures are in
The main methodology is scoring
For more information on rating methodologies and coronavirus disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The rated entity or its related entities participated in the rating process for this rating action. DBRS Morningstar has 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 more information on the sensitivity of the assumptions used in the rating process.
For more information on this credit or industry, visit www.dbrsmorningstar.com or contact us at [email protected]
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Date Issued Debt Rated Action Rating Trend Attributesi
United States = Principal Analyst based in the United States
CA = Lead Analyst based at
EU = Lead Analyst based in the EU
E = EU approved
Unsolicited participation with access
Unsolicited participation without access
15-Sep-21Class A Provis.-New AAA(sf) -- US
15-Sep-21Class B Provis.-New AA (sf) -- US
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