OREANDA-NEWS. Fitch Ratings affirms the Vermont Student Assistance Corporation 2011A-1 notes at 'AAsf'. The Rating Outlook remains Stable.

KEY RATING DRIVERS
Adequate Collateral Quality: The trust is collateralized by approximately \$11.13 million of fixed-rate private student loans as of March 2015. The loans were originated by VSAC. Fitch projected remaining defaults to range between 6-8% as of the current principal balance based on data provided by VSAC. A recovery rate of 15% was applied which was determined to be appropriate based on data provided by the issuer.

Credit Enhancement: Sufficient credit enhancement (CE) is provided by overcollateralization and excess spread. As of March 2015, the parity ratio is at 141.03%.

Liquidity Support: Adequate liquidity support is provided by a debt service reserve (DSR) and a capitalized interest and supplemental account (CAPIS) sized at approximately \$1.81 million and \$0.96 million, respectively.

Moral Obligation: The trust benefits from the moral obligation provided by the state of Vermont. State law provides that VSAC shall annually determine and certify to the Governor, Senate President, and House Speaker on or before Dec. 1, the amount, if any, needed to restore the DSR to its requirement.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by VSAC. Fitch believes the servicing operations are acceptable at this time.

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

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

Fitch has affirmed the following ratings:

Vermont Student Assistance Corporation 2011A-1
--Class A-1 (2015) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2016) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2017) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2018) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2019) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2020) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2021) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2022) notes at 'AAsf'; Outlook Stable;
--Class A-1 (2023) notes at 'AAsf'; Outlook Stable;