Student Loan | Fitch Places PARTS 2007-CT1 Trust On Rating Watch Negative
January 16, 2012 – 8:40 am
NEW YORK–(BUSINESS WIRE)– Fitch Ratings places three classes of bonds from PARTS Private student Loan Trust series 2007-CT1 (PARTS) on Rating watch Negative. Fitch recently received six revised quarterly servicing reports showing significantly worse performance over the last 18 months. Although PARTS revised their reports in August 2011, Fitch was only recently notified of the revisions. Fitch will conduct an in-depth analysis on this trust to determine the effect of this new performance data on the outstanding ratings. Fitch used its ‘Global SF Criteria’ and ‘U.S. Private SL ABS Criteria’ to review the transaction. The ratings actions are detailed at the end of this press release.
As of the November 2011 distribution, total parity has decreased to 89.39%. It is expected that parity will continue to decline if the elevated level of loss accumulation continues. The collateral securing the notes are private loans originated according to either TERI or LEARN underwriting guidelines. PHEAA services the loan portfolio.
Fitch places the following rating on Rating Watch Negative:
PARTS Private Student Loan Trust series 2007-CT1
–Class A ‘AAA’;
–Class B ‘BBB-’;
–Class C ‘CC’.
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:
–’U.S. Private Student Loan ABS Criteria’, July 19, 2011;
–’Global structured Finance Rating Criteria’, Aug. 4, 2011;
–’Counterparty Criteria for Structured Finance Transactions’, March 14, 2011.
Applicable Criteria and Related Research:
U.S. Private Student Loan ABS Criteria
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance Transactions
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Tags: Student Loan
