NEW YORK?(BUSINESS WIRE)?
Fitch Ratings affirms the senior notes at ?AAAsf?, and upgrades the subordinate note from ?BBBsf? to ?Asf? issued by Nelnet student Loan Trust Series 2004-3. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate note remains Stable.
Fitch used its ?Global structured Finance Rating Criteria?, and ?U.S. FFELP Student Loan ABS Surveillance Criteria?, as well as ?Rating U.S. Federal Family Education Loan Program Student Loan ABS? to review the ratings.
The ratings on the senior notes are affirmed based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior note consists of overcollateralization and projected minimum excess spread, to cover the applicable basis factor stresses for each rating category.
The rating on the subordinate note is upgraded to ?Asf? from ?BBBsf? due to the sufficient level of credit enhancement to cover the applicable basis factor stresses at the ?Asf? rating category. Within the transaction documents, the reserve account is excluded from the parity calculation when the pool factor declines below 40%. Fitch has recalculated parity, giving credit to the cash in the reserve account, which is currently at the floor of $2,011,386. As the transaction amortizes, the reserve account will not decline and parity (as calculated by Fitch) will continue to grow. In addition, the subordinate note has been receiving principal payments along with the senior notes since it passed its stepdown date.
Fitch has taken the following rating actions:
Nelnet Student Loan Trust, Series 2004-3:
?Class A4 affirmed at ?AAAsf?; Outlook Negative;
?Class A5 affirmed at ?AAAsf?; Outlook Negative;
?Class B upgraded to ?Asf? from ?BBBsf?; Outlook Stable.
Additional information is available at www.fitchratings.com . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
??Global Structured Finance Rating Criteria? (Aug. 4, 2011);
??U.S.FFELP Student Loan ABS Surveillance Criteria? (May 10, 2011);
??Rating U.S. Federal Family Education Loan Program Student Loan ABS? (April 7, 2011).
Applicable Criteria and Related Research:
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
U.S. FFELP Student Loan ABS Surveillance Criteria
Global Structured Finance Rating Criteria
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