The rating is based on a review by DBRS Morningstar of the following analytical considerations:
(1) Transaction capital structure, proposed ratings, and form and sufficiency of available credit enhancement.
(2) Transaction cash flows are sufficient to repay investors underAAA (sf) stress scenarios in accordance with the terms of the EFT 2020-A transaction documents.
(3) The quality and credit characteristics of the student loan borrowers.
(4) Structural features of the transaction that require the Notes to enter into full turbo principal amortization if certain performance triggers are breached or if credit enhancement deteriorates.
(5) The representations and warranties (R&W) framework and the ability ofNationwide Bank (Nationwide) andGoldman Sachs Asset Backed Securities Corp. (the Depositor) to repurchase obligations as a result of certain R&W breaches.
If the request for repurchase occurs before
Nationwide is a highly rated financial institution with a strong ability to repurchase for breaches of R&W.
(6) If the request for repurchase occurs afterDecember 1, 2024 , the Depositor will be required to repurchase affected trust student loans.
The Depositor is a bankruptcy-remote special-purpose entity and a subsidiary of
The pool has a weighted-average (WA)
Third-party due diligence, including a re-underwriting review that was conducted on 100% of the pool with no exceptions, which mitigates the risk of future R&W violations.
In an expected pricing scenario, the percentage of the original principal balance remaining after
To date, there have been no repurchases due to R&W breaches.
DBRS Morningstar added appropriate stress to its cash flow analysis to address the inability to fulfill repurchase obligations. Transaction cash flows are sufficient to repay investors under all
(7) The experience, underwriting, and origination capabilities ofCollege Ave Student Loans, LLC .
(8) The ability of the Subservicer,University Accounting Service, LLC , to perform collections on the collateral pool and other required activities.
(9) The legal structure and legal opinions that address the true sale of the student loans, the non-consolidation of the trust, and that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS Morningstar 'Legal Criteria forU.S. Structured Finance.'
The Notes are backed by a trust certificate representing 100% of the beneficial ownership interest in a grantor trust, the assets of which include Refinancing Loans originated through the Nationwide Education Refi Loan Program. The fixed-rate Notes have been secured by a group of fixed-rate and variable-rate Refinancing Loans.
Notes:
All figures are in
The principal methodology is Rating
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.
The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
Ratings
Date Issued Debt Rated Action Rating Trend Issued
i
US =
CA = Canada Issued, NRSRO
EU = EU Issued, NRSRO
E = EU endorsed
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-Participating
17-Jan-20 Class A Notes Provis.-FinalAAA (sf) -- US
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