OREANDA-NEWS. Fitch Ratings has affirmed the following ratings on the outstanding notes issued by National Collegiate Trusts 2007-1 and 2007-2. Fitch has also revised some recovery estimates (RE).

National Collegiate Student Loan Trust 2007-1

--Class A-2 at 'Csf', RE revised to 70% from 65%;

--Class A-3 at 'Csf', RE revised to 70% from 65%;

--Class A-4 at 'Csf', RE revised to 70% from 65%;

--Class B at 'Csf', RE 0%;

--Class C at 'Csf', RE 0%;

--Class D at 'Csf', RE 0%.

National Collegiate Student Loan Trust 2007-2

--Class A-2 at 'Csf', RE revised to 70% from 65%;

--Class A-3 at 'Csf', RE revised to 70% from 65%;

--Class A-4 at 'Csf', RE revised to 70% from 65%;

--Class B at 'Csf', RE 0%;

--Class C at 'Csf', RE 0%;

--Class D at 'Csf', RE 0%.

KEY RATING DRIVERS

Collateral Quality: All trusts are collateralized by private student loans originated by various financial institutions and lenders and securitized by First Marblehead Corporation. At deal inception all loans were guaranteed by The Education Resources Institute (TERI); however, no credit was given to the TERI guaranty since TERI filed for bankruptcy on April 7, 2008.

Credit Enhancement (CE): CE is provided by the generation of excess spread. Additionally, the senior notes will benefit from subordination from lower notes. The projected remaining defaults for all trusts range from 29% to 31% of the current balance. Current loss coverage multiples are commensurate with the current ratings for each transaction.

Liquidity Support: Support for the notes is provided by a reserve account for each trust.

Servicing Capabilities: The portfolio is serviced by American Education Services (AES), ACS Education Services (ACS), Firstmark Services LLC, and Great Lakes Educational Loan Services Inc. Fitch believes these servicers are acceptable servicers of private student loans.

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.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.