Fitch Ratings has affirmed the ratings of all classes of Navient Student Loan Trust (Navient) 2014-2, 2014-3, 2014-4, 2014-5, 2014-6, and 2014-7.

The Rating Outlooks for all classes remain Stable.

RATING ACTIONS

Entity / Debt

Rating

Prior

Navient Student Loan Trust 2014-2

A 63938GAA7

LT

AA+sf

Affirmed

AA+sf

B 63938GAB5

LT

AA+sf

Affirmed

AA+sf

Navient Student Loan Trust 2014-3

A 63938JAA1

LT

AA+sf

Affirmed

AA+sf

B 63938JAB9

LT

AA+sf

Affirmed

AA+sf

Navient Student Loan Trust 2014-4

A 63938QAA5

LT

AA+sf

Affirmed

AA+sf

B 63938QAB3

LT

AA+sf

Affirmed

AA+sf

Navient Student Loan Trust 2014-5

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VIEW ADDITIONAL RATING DETAILS

Transaction Summary

Navient 2014-2, 2014-5, 2014-7: The class A notes pass credit and maturity stresses in cashflow modeling up to 'BBBsf' due to a singular interest shortfall of low magnitude on one monthly payment date in cashflow modeling that is repaid on the following payment date. Fitch views this shortfall as immaterial but considers it a criteria variation as discussed below. The class A notes have been affirmed at 'AA+sf' due to stable collateral performance with sufficient hard credit enhancement (CE) and low maturity risk as legal final maturities are in 2083, in line with Fitch's expectations since the last review.

The class B notes pass credit and maturity stresses in cashflow modeling up to 'AAsf'. The model-implied rating is within one rating category of the current rating of 'AA+sf', as permitted by Fitch's Federal Family Education Loan Program (FFELP) rating criteria.

Navient 2014-3: The affirmation of the notes reflects the stable collateral performance for the transaction, in line with Fitch's expectations since the last review. The class A and B notes pass credit and maturity stresses up to 'AAsf' with low maturity risk and sufficient hard credit enhancement CE. The transaction had a one-time liquidity constraint in cashflow modeling that Fitch deemed immaterial. The model-implied rating is within one rating category of the current rating, as permitted by Fitch's FFELP rating criteria.

Navient 2014-4: The notes pass all credit and maturity stresses in cashflow modeling with sufficient hard CE. The affirmations reflect the stable collateral performance of the notes, in line with Fitch's expectations since the last review.

Navient 2014-6: The affirmation of the notes reflects the stable collateral performance for the transaction, in line with Fitch's expectations since the last review. The class A and B notes pass credit and maturity stresses up to 'AAsf' with low maturity risk and sufficient hard credit enhancement CE. The model-implied rating is within one rating category of the current rating, as permitted by Fitch's FFELP rating criteria.

For Navient 2014-2, 2014-4, 2014-5, 2014-6, and 2014-7, the transactions had a one-time liquidity constraint in cashflow modeling that Fitch deemed immaterial as it was due to a mismatch between quarterly special allowance payments (SAP) from the U.S. Department of Education (ED) and monthly interest payments. This was cured by reducing the default reimbursement assumption of nine months, as described by Fitch's FFELP criteria.

The Outlooks on all outstanding notes remain Stable.

The sustainable constant prepayment rate (sCPR) assumption was increased to 8.50%, 7.00%, 8.00%, and 7.00% from 7.50%, 6.00%, 7.50%, and 6.00% for Navient 2014-2, 2014-3, 2014-6, and 2014-7, respectively as prepayments, including from loan consolidation, remain higher than historical levels for the transactions.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% FFELP loans with guaranties provided by eligible guarantors and reinsurance provided by the ED for at least 97% of principal and accrued interest. The U.S. sovereign rating is currently 'AA+'/ Stable.

Collateral Performance: Navient 2014-2: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 38.75% under the base case scenario and a default rate of 95.56% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate.

Fitch is maintaining the sustainable constant default rate (sCDR) of 5.00% and revising the sCPR upwards to 8.50% from 7.50% in cash flow modeling. The increase in the sCPR is due to prepayments, including from loan consolidation, remaining high despite the end of the Public Service Loan Forgiveness waiver in October 2022. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

The trailing-12-month (TTM) levels of deferment, forbearance, and income-based repayment (IBR; prior to adjustment) are 3.35% (3.64% at Feb. 28, 2023), 16.44% (15.88%) and 20.33% (20.02%). These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 days past due (DPD) and the 91-120 DPD have increased and are currently 3.87% for 31 DPD and 2.87% for 91 DPD compared to 2.08% and 1.56% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.11%, based on information provided by the sponsor.

Navient 2014-3: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 34.50% under the base case scenario and a default rate of 84.79% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate.

Fitch is maintaining the sCDR of 4.00% and revising the sCPR upwards to 7.00% from 6.00% in cash flow modeling. The increase in the sCPR is due to prepayments, including from loan consolidation, remaining high despite the end of the Public Service Loan Forgiveness waiver in October 2022. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

The TTM levels of deferment, forbearance, and IBR are 3.63% (4.32% at Feb. 28, 2023), 16.10% (15.31%) and 22.27% (20.34%). These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have increased and are currently 4.99% for 31 DPD and 1.95% for 91 DPD compared to 4.32% and 1.18% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Navient 2014-4: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 33.25% under the base case scenario and a default rate of 81.65% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR of 4.00% and the sCPR of 7.50% in cash flow modeling. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case. The TTM levels of deferment, forbearance, and IBR are 3.58% (3.45% at Feb. 28, 2023), 16.65% (16.04%) and 22.15% (20.71%). These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have decreased from and are currently 2.69% for 31 DPD and 0.47% for 91 DPD compared to 2.77% and 0.90% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Navient 2014-5: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 32.25% under the base case scenario and a default rate of 78.92% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate.

Fitch is maintaining the sCDR of 4.00% and the sCPR of 7.50% in cash flow modeling. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

The TTM levels of deferment, forbearance, and IBR are 3.05% (4.32% at Feb. 28, 2023), 16.37% (15.08%) and 20.17% (19.44%). These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have increased from and are currently 4.88% for 31 DPD and 1.61% for 91 DPD compared to 3.51% and 0.53% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.14%, based on information provided by the sponsor.

Navient 2014-6: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 32.00% under the base case scenario and a default rate of 77.94% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate.

Fitch is maintaining the sCDR of 4.00% and revising sCPR upwards to 8.00% from 7.50% in cash flow modeling. The increase in the sCPR is due to prepayments, including from loan consolidation, remaining high despite the end of the Public Service Loan Forgiveness waiver in October 2022. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case.

The TTM levels of deferment, forbearance, and IBR are 2.62% (3.24% at Feb. 28, 2023), 17.27% (15.54%) and 21.32% (19.79%). These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have decreased from and are currently 2.64% for 31 DPD and 1.08% for 91 DPD compared to 2.67% and 1.10% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Navient 2014-7: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 34.00% under the base case scenario and a default rate of 84.13% under the 'AA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate.

Fitch is maintaining the sCDR of 4.00% and revising the sCPR upwards to 7.00% from 6.00% in cash flow modeling. The increase in the sCPR is due to prepayments, including from loan consolidation, remaining high despite the end of the Public Service Loan Forgiveness waiver in October 2022. Fitch applies the standard default timing curve in its credit stress cash flow analysis. The claim reject rate is assumed to be 0.25% in the base case and 1.65% in the 'AA' case. The TTM levels of deferment, forbearance, and IBR are 3.78% (3.90% at Feb. 28, 2023), 16.04% (14.49%) and 21.87% (20.57%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have decreased and are currently 2.85% for 31 DPD and 1.67% for 91 DPD compared to 4.32% and 2.70% one year ago for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.12%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for these transactions arises from any rate and reset frequency mismatch between interest rate indices for Special Allowance Payments (SAP) and the securities. As of the most recent collection period, 93.25%, 94.01%, 94.62%, 95.78%, 94.06% and 94.66% of the student loans in Navient 2014-2 through 2014-7, respectively, are indexed to SOFR, and the balance of the loans is indexed to the 91-day T-bill rate. All the notes in the six transactions are indexed to 30-day Average SOFR plus the spread adjustment of 0.11448%. Fitch applies its standard basis and interest rate stresses to the transactions as per criteria.

Payment Structure: CE is provided by over-collateralization (OC), excess spread and for the class A notes, subordination provided by the class B notes. As of the most recent collection period, reported total parity is 104.71% for Navient 2014-2, 2014-3, 2014-4 and 2014-7 and 105.00% and 104.88% for Navient 2014-5 and 2014-6, respectively. Liquidity support is provided by reserve accounts currently sized at their floors of $263,300, $263,306, $263,669, $158,507, and $158,213 for Navient 2014-2 through 2014-6, respectively. For Navient 2014-7, liquidity support is provided by a reserve account currently sized at 0.25% of the outstanding pool balance or $159,260. Navient 2014-2 through 2014-7 will continue to release cash as long as the target OC amount of 4.50% (with a floor of $2.75 million), or a total parity ratio of 104.71%, is maintained.

Operational Capabilities: Day-to-day servicing is provided by Navient Solutions, LLC. Fitch believes Navient to be an adequate servicer, due to its extensive track record as one of the largest servicers of FFELP loans. Fitch was notified that Navient entered into a binding letter of intent on Jan. 29, 2024 that will transition the student loan servicing to MOHELA, a student loan servicer for government and commercial enterprises. The transition to MOHELA is not expected to interrupt servicing activities.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

'AA+sf' rated tranches of most FFELP securitizations will likely move in tandem with the U.S. sovereign rating given the strong linkage to the U.S. sovereign, by nature of the reinsurance provided by the Department of Education. Aside from the U.S. sovereign rating, defaults, basis risk and loan extension risk account for the majority of the risk embedded in FFELP student loan transactions.

This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. Fitch conducts credit and maturity stress sensitivity analysis by increasing or decreasing key assumptions by 25% and 50% over the base case. The credit stress sensitivity is viewed by stressing both the base case default rate and the basis spread. The maturity stress sensitivity is viewed by stressing remaining term, IBR usage and prepayments. The results below should only be considered as one potential outcome, as the transactions are exposed to multiple dynamic risk factors and should not be used as an indicator of possible future performance.

Navient Student Loan Trust 2014-2

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'BBBsf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'AAsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'BBBsf'; class B 'AAsf';

Default increase 50%: class A 'BBBsf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'BBBsf'; class B 'Asf';

Basis spread increase 0.50%: class A 'BBBsf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'Asf'; class B 'AAsf';

CPR decrease 50%: class A 'Asf'; class B 'AAsf';

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'Asf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'Asf'; class B 'AAsf'.

Navient Student Loan Trust 2014-3

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'AAsf' (Credit Stress) / 'AA+sf' (Maturity Stress); class B 'AAsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'Asf'; class B 'AAsf';

Default increase 50%: class A 'Asf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'AAsf'; class B 'AAsf';

Basis spread increase 0.50%: class A 'Asf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AA+sf'; class B 'AAsf';

CPR decrease 50%: class A 'AA+sf'; class B 'AAsf';

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'Asf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'Asf'; class B 'AAsf'.

Navient Student Loan Trust 2014-4

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'AA+sf' (Credit and Maturity Stress); class B 'AA+sf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'AA+sf'; class B 'AAsf';

Default increase 50%: class A 'AA+sf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'AA+sf'; class B 'AAsf';

Basis spread increase 0.50%: class A 'AAsf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AA+sf'; class B 'AA+sf';

CPR decrease 50%: class A 'AA+sf'; class B 'AA+sf';

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'AAsf'; class B 'AAsf'.

Navient Student Loan Trust 2014-5

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'BBBsf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'AAsf'(Credit and Maturiy Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'BBBsf'; class B 'AAsf';

Default increase 50%: class A 'BBBsf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'BBBsf'; class B 'Asf';

Basis spread increase 0.50%: class A 'BBBsf'; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'Asf'; class B 'AAsf';

CPR decrease 50%: class A 'Asf'; class B 'AAsf';

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'Asf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'Asf'; class B 'AAsf'.

Navient Student Loan Trust 2014-6

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'AAsf' (Credit Stress) / 'AA+sf' (Maturity Stress); class B 'AAsf' (Credit Stress) / 'AA+sf' (Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'Asf'; class B 'AAsf';

Default increase 50%: class A 'Asf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'Asf'; class B 'Asf';

Basis spread increase 0.50%: class A 'Asf'; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AAsf'; class B 'AAsf';

CPR decrease 50%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'AAsf'; class B 'AAsf'.

Navient Student Loan Trust 2014-7

Current Ratings: class A 'AA+sf'; class B 'AA+sf'

Current Model-Implied Ratings: class A 'BBBsf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'AAsf'(Credit and Maturiy Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'BBsf'; class B 'AAsf';

Default increase 50%: class A 'BBsf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'BBBsf'; class B 'Asf';

Basis spread increase 0.50%: class A 'BBsf'; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'Asf'; class B 'AAsf';

CPR decrease 50%: class A 'BBBsf'; class B 'AAsf';

IBR usage increase 25%: class A 'Asf'; class B 'AAsf';

IBR usage increase 50%: class A 'Asf'; class B 'AAsf';

Remaining term increase 25%: class A 'Asf'; class B 'AAsf';

Remaining term increase 50%: class A 'Asf'; class B 'AAsf'.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Navient Student Loan Trust 2014-2

Credit Stress Sensitivity

Default decrease 25%: class A 'Asf'; class B 'AAsf'

Basis Spread decrease 0.25%: class A 'BBBsf'; class B 'AAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AA+sf'; class B 'AA+sf'

IBR usage decrease 25%: class A 'AA+sf'; class B 'AAsf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

Navient Student Loan Trust 2014-3

Credit Stress Sensitivity

Default decrease 25%: class A 'AA+sf'; class B 'AAsf'

Basis Spread decrease 0.25%: class A 'AAsf'; class B 'AAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AA+sf'; class B 'AA+sf'

IBR usage decrease 25%: class A 'AA+sf'; class B 'AA+sf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

Navient Student Loan Trust 2014-4

Credit Stress Sensitivity

Default decrease 25%: class A 'AA+sf'; class B 'AA+sf'

Basis Spread decrease 0.25%: class A 'AA+sf'; class B 'AA+sf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AA+sf'; class B 'AA+sf'

IBR usage decrease 25%: class A 'AA+sf'; class B 'AA+sf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

Navient Student Loan Trust 2014-5

Credit Stress Sensitivity

Default decrease 25%: class A 'BBBsf'; class B 'AAsf'

Basis Spread decrease 0.25%: class A 'BBBsf'; class B 'AAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AA+sf'; class B 'AA+sf'

IBR usage decrease 25%: class A 'AAsf'; class B 'AAsf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

Navient Student Loan Trust 2014-6

Credit Stress Sensitivity

Default decrease 25%: class A 'AAsf'; class B 'AAsf'

Basis Spread decrease 0.25%: class A 'AAsf'; class B 'AAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AA+sf'; class B 'AA+sf'

IBR usage decrease 25%: class A 'AA+sf'; class B 'AA+sf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

Navient Student Loan Trust 2014-7

Credit Stress Sensitivity

Default decrease 25%: class A 'BBBsf'; class B 'AAsf'

Basis Spread decrease 0.25%: class A 'BBBsf'; class B 'AAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAsf'; class B 'AAsf'

IBR usage decrease 25%: class A 'AAsf'; class B 'AAsf'

Remaining Term decrease 25%: class A 'AA+sf'; class B 'AA+sf'.

CRITERIA VARIATION

The ratings of 'AA+sf' for the class A notes of Navient 2014-2, 2014-5, and 2014-7 are more than one category higher than the lowest model-implied rating of 'BBBsf'. Per Fitch's 'U.S. Federal Family Education Loan Program Student Loan ABS Rating Criteria', if the final ratings are different from the model results by more than one category, it would constitute a criteria variation.

Downgrades are not warranted due to a temporary interest shortfall of low magnitude that is paid back in the following period along with low maturity risk with legal final maturities in 2083 for all transactions. Had Fitch not applied this variation, according to Fitch's FFELP criteria, the class A notes of Navient 2014-2, 2014-5, 2014-7 could not have been rated 'AA+sf'.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

Additional information is available on www.fitchratings.com

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