Fitch Affirms SLM Private Credit Student Loan Trust 2003-A; Outlook Negative

Fitch Ratings affirms all the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2003-A (2003-A) at their current ratings. The Rating Outlook remains Negative. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately $292 million of private student loans originated by Navient Corp. under the Signature Education Loan Program, LAWLOANS program, MBALoans program, and MEDLOANS program. The projected remaining defaults are expected to range between 8%-12%. A recovery rate of 10% was applied, which was determined to be appropriate based on data previously provided by the issuer.

Sufficient Credit Enhancement: Transaction credit enhancement is sufficient to provide loss coverage for the Class A, B, and C notes at each respective rating category. CE is provided by a combination of overcollateralization (the excess of the trust's asset balance over the bond balance), excess spread, and subordination. The parity ratio (total assets to total liabilities) for SLM 2003-A is 98.50% as of the Sept. 15, 2014 distribution.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $2.5 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust.

Fitch has affirmed the following ratings:

SLM Private Credit Student Loan Trust 2003-A

--Class A-2 at 'Asf'; Outlook Negative;

--Class A-3 at 'Asf'; Outlook Negative;

--Class A-4 at 'Asf'; Outlook Negative;

--Class B at 'BBBsf'; Outlook Negative;

--Class C at 'CCCsf'; RE40%.

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

Applicable Criteria and Related Research:

--'U.S. Private Student Loan ABS Criteria' Jan. 29, 2014;

--'Global Structured Finance Rating Criteria' Aug. 4, 2014.

Applicable Criteria and Related Research:

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=931418

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