Up to
Up to
*The allocation of the aggregate initial principal balance of the Class A Notes will be determined on or before the date of pricing. The initial principal balance of the Class A-1A Notes will be an amount not less than
The provisional ratings are based on DBRS Morningstar's review of the following analytical considerations:
The transaction assumptions consider DBRS Morningstar's baseline macroeconomic scenarios for rated sovereign economies, available in its commentary 'Baseline Macroeconomic Scenarios For Rated Sovereigns,' published on
The transaction's form and sufficiency of available credit enhancement.
The ability of the servicer to perform collections on the collateral pool and other required activities.
The provisions in the transaction documents include the transition to a new benchmark replacement rate upon the discontinuation of LIBOR.
The legal structure and expected legal opinions that will address the true sale of the student loans, the nonconsolidation of the trust, that the trust has a valid first-priority security interest in the assets, and the consistency with the DBRS Morningstar 'Legal Criteria for
The collateral securing
The Class A-1A Notes will pay a fixed interest rate. The Class A-1B Notes and the Class
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers 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 at: https:// www.dbrsmorningstar.com/research/373262.
Notes:
All figures are in
The principal methodology is Rating
The DBRS
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@dbrsmorningstar.com.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 212 806-3277
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
12-Oct-21 Class A-1A Notes Provis.-NewAAA (sf) -- US
12-Oct-21 Class A-1B Notes Provis.-NewAAA (sf) -- US
12-Oct-21 ClassB Notes Provis.-New AAA (sf) -- US
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