DBRS Morningstar Takes Rating Actions on Two ELFI Graduate Loan Program Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on six outstanding ratings from two ELFI Graduate Loan Program transactions. Of the rated classes reviewed, three were upgraded and three were confirmed. Performance and revised loss expectations for the reviewed securities are such that credit enhancement levels are sufficient to cover DBRS Morningstar’s loss expectations at their respective rating levels. Original loss expectancies were revised based on historical-performance observations of proxy data.

The ratings are based on DBRS Morningstar’s review of the following analytical considerations:

-- Transaction capital structure, current ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

Notes:
The principal methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not 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.

For more information on this credit or on this industry, visit dbrs.com or contact us at info@dbrs.com.

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