DBRS Morningstar Confirms Provisional Ratings on Navient Private Education Refi Loan Trust 2020-G

DBRS, Inc. (DBRS Morningstar) confirmed its provisional ratings on the following notes to be issued by Navient Private Education Refi Loan Trust 2020-G (the Issuer), originally assigned on August 26, 2020. The confirmations are in conjunction with DBRS Morningstar’s “Global Macroeconomic Scenarios: September Update” published on September 10, 2020:

-- $729,900,000 Class A Notes rated AAA (sf)
-- $56,500,000 Class B Notes rated AA (sf)

The transaction assumptions consider DBRS Morningstar’s set of macroeconomic scenarios for select economies related to the Coronavirus Disease (COVID-19), available in its commentary “Global Macroeconomic Scenarios: September Update.” DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, and has been regularly updating them. The scenarios were last updated on September 10, 2020, and are reflected in DBRS Morningstar’s rating analysis.

The assumptions consider the moderate macroeconomic scenario outlined in the commentary, with the moderate scenario serving as the primary anchor for current ratings. The moderate scenario remains predicated on a more rapid return of confidence and a steady recovery heading into 2021.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating U.S. Structured Finance Transactions (November 6, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

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.

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

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277