Fitch: New Jersey Higher Ed Student Assistance Auth 1998 Indenture Request for Agency Confirmation

Fitch: New Jersey Higher Ed Student Assistance Auth 1998 Indenture Request for Agency Confirmation | Bild: © ad-hoc-news

Upon the execution of the 12th Supplemental Indenture, NJHESAA, as the issuer will increase the cash release parity requirement from 102% to 120%. Fitch believes that a higher cash release parity requirement will generate higher credit enhancement for the Trust. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.

Based on the information provided, Fitch has determined that the execution of the 12th Supplemental Indenture will not have a negative impact on the existing ratings at this time. Fitch believes a higher cash release level is beneficial and will result in higher credit enhancement over time. This determination only addresses the effect of the changes on the current ratings assigned by Fitch to the securities listed below. This determination does not address whether these changes are permitted by the terms of the documents. It does not address whether these changes are in the best interests of, or prejudicial to, some or all of the holders of the securities listed.

The notes issued by the Trust are currently rated by Fitch as follows:

--1999-A at 'AAsf', Rating Watch Negative;

--2000-A at 'AAsf', Rating Watch Negative;

--2002-A at 'AAsf', Rating Watch Negative;

--2002-C at 'AAsf', Rating Watch Negative;

--2002-D at 'AAsf', Rating Watch Negative;

--2003-A at 'AAsf', Rating Watch Negative;

--2003-C at 'AAsf', Rating Watch Negative;

--2003-D at 'AAsf', Rating Watch Negative;

--2004-A at 'AAsf', Rating Watch Negative;

--2004-D at 'AAsf', Rating Watch Negative;

--2005-A at 'AAsf', Rating Watch Negative;

--2005-B at 'AAsf', Rating Watch Negative;

--2005-C at 'AAsf', Rating Watch Negative;

--2005-D at 'AAsf', Rating Watch Negative;

--2006-A at 'AAsf', Rating Watch Negative;

--2006-B at 'AAsf', Rating Watch Negative;

--2006-C at 'AAsf', Rating Watch Negative;

--2006-D at 'AAsf', Rating Watch Negative;

--2007-B at 'AAsf', Rating Watch Negative;

--2007-C at 'AAsf', Rating Watch Negative;

--2007-D at 'AAsf', Rating Watch Negative.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria'(April 7, 2011);

--'Counterparty Criteria for Structured Finance Transactions'(March 14, 2011).

Applicable Criteria and Related Research:

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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