Fitch Affirms Access Group 2002-A Private Trust
KEY RATING DRIVERS
Adequate Collateral Quality: The trust is collateralized by approximately \\$84.7 million of private student loans as of August 2015. The loans were originated by Access Group. The projected remaining defaults are expected to be 6% - 7% as of the current principal balance. A recovery rate of 23.5% was applied which was determined to be appropriate based on data provided by the issuer.
Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread. Senior and total parity ratios were at 121.83% and 100.11%, respectively, as of the September 2015 distribution date.
Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services. Fitch believes the servicing operations are acceptable at this time.
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:
Access Group, Inc. 2002-A Private Trust:
--Class A-2 at 'Asf'; Outlook Stable;
--Class B at 'Bsf'; Outlook Negative.