OREANDA-NEWS. Fitch Ratings affirms Access Funding 2015-1 LLC's senior notes at 'AAAsf' and subordinate notes at 'AAsf'. The Rating Outlook remains Stable for all notes.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U. S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U. S. 'AAA' with a Stable Outlook.

Credit Enhancement (CE): CE for series 2015-1 notes is provided by overcollateralization. The senior notes also benefits from subordination provided by the subordinate notes. As of May 2016, reported senior and total parity is 104.67% and 102.11% respectively.

Adequate Liquidity Support: Liquidity support is provided by a $2.83 million capitalized interest account and a reserve account sized at the greater of 0.25% of the pool balance and $303,814. Currently, there is $437,551 in the reserve account and the final release date for the capitalized interest account is the July 2017 distribution date.

Targeted Overcollateralization Level: Excess spread must build to the greater of: 2.25% of the adjusted pool balance and $1,070,000 before excess cash may be released from the trust.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services, LLC (Xerox). Fitch believes that Xerox is an acceptable servicer at this time.

In certain LIBOR-down interest rate stress scenarios the basis spread may be compressed, as Fitch would apply a floor to 1-month LIBOR at a negative rate level in accordance with Fitch's 'Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds' dated May 2016. Since the updated interest rate stresses are not addressed yet in existing FFELP criteria, this represents a criteria variation. Use of the criteria variation did not have a measurable impact upon the ratings assigned.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U. S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U. S. sovereign rating. Aside from the U. S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

DUE DILIGENCE USAGE

Fitch was not provided due diligence information from any third parties.

Fitch has affirmed the following ratings:

Access Funding 2015-1 LLC

--Class A at 'AAAsf'; Outlook Stable;

--Class B at 'AAsf'; Outlook Stable.