OREANDA-NEWS. Fitch Ratings affirms all ratings of the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2005-B (SLM 2005-B). The Outlook is revised to Stable from Negative for all notes.

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 $775 million of private student loans originated by Navient Corp. under the Signature Education Loan Program, LAWLOANS program, MBA Loans program, and MEDLOANS program. The projected remaining defaults are expected to range between 10% - 14%. A recovery rate of 10% was applied, which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by excess spread, and the senior notes benefits from subordination provided by the junior notes. As of the June 15, 2015 distribution, the senior, subordinate and total parity ratios are 118.22%, 111.80% and 105.12% respectively.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.75 million.

Satisfactory 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

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

Fitch affirms the ratings and revises Outlooks on the following classes:

SLM Private Credit Student Loan Trust 2005-B
--Class A-2 at 'AAsf'; Outlook to Stable from Negative;
--Class A-3 at 'AAsf'; Outlook to Stable from Negative;
--Class A-4 at 'AAsf'; Outlook to Stable from Negative;
--Class B at 'Asf'; Outlook to Stable from Negative;
--Class C at 'BBBsf'; Outlook to Stable from Negative.