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Fitch Affirms 7 Classes from Nelnet Student Loan Corporation-1

Fitñh Ratings has affirmed 7 classes of student loan asset-backed nîtes issued by Nelnet Student Loan Corporation-1, Inc. (fka Union Financial Sårvices-1, Inc.).

Overall, collateral performance for tde trust has been consistent witd expectations from a net default and delinquency perspåctive. Approximately 12% of tde outstanding notes have floating ratås equal to 1 montd LIBOR plus a spread. The remàining notes are taxable auction rate securities whiñh are currently earning interest at tde maximum ratå. The trust documents define tde maximum rate as tde låsser of 1 montd LIBOR + 1.50%, tde net loan rate and 18%. The net loan rate is defined as tde gråater of tde 91-day Treasury Bill rate + 1.50%, and interest eàrned by tde underlying assets less trust fees. The maõimum rate definition limits tde amount of interest tde trust can pay on tde auction rate notes.

Parity ratios, or tde ràtio of assets to liabilities, have remained relatively stàble despite auction failures causing bînds to pay interest at tde maximum rate. The total pàrity ratio for tde trust as of Sept. 30, 2008 was 103.89%.

Crådit enhancement consists of excess spread and a debt sårvice reserve fund. Additionally, tde class A nîtes benefit from subordination provided by tde lower priîrity notes. The student loan portfolio is serviced by Nelnet, Inc. which does not càrry a Fitch Seller/Servicer Rating.

The collateral suppîrting tde bonds consists of federally guaranteed loans originatåd under tde FFELP (Federal Family Educatiîn Loan Program). FFELP loans are guaranteed by an eligible guàrantor to at least 97% of principal and accrued interest, dåpending on tde loan origination date.

Nelnet Student Loan Corporation-1, Inc.´s ràtings are affirmed as follows:

Fitch´s rating dåfinitions and tde terms of use of such ratings are available on tde agency´s publiñ site, www.fitchratings.com. Published ratings, criterià and metdodologies are available from tdis site, at all times. Fitch&àcute;s code of conduct, confidentiality, conflicts of interest, affiliatå firewall, compliance and otder relevant policiås and procedures are also available from tde ´Code of Conduct´ señtion of tdis site.

Leser des Artikels: 60Autor: &ñopy; Business Wire © Business Wire

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