OREANDA-NEWS. Fitch Ratings has taken the following rating actions on Nelnet Student Loan Trust 2015-2:

--Class A-1 affirmed at 'AAAsf'; Outlook Stable;
--Class A-2 'AAAsf'; Rating Watch Negative maintained;
--Class B affirmed at 'A+sf'; Outlook Stable.

KEY RATING DRIVERS

Maturity Risk: The Negative Watch action is based on the heightened risk of the Class A-2 notes missing their legal final maturity, which would result in an event of default. In an event of such technical default, Fitch would expect ultimate repayment of full principal and interest after the legal final. Fitch expects to resolve the Negative Watch status once our revised FFELP criteria report is published. The magnitude of any potential rating action could vary depending on remaining time to maturity, recent payment trends, issuer actions such as loan purchases, or other external factors.

High Collateral Quality: The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans including 25% of rehabilitated 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's current U.S. sovereign rating is 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. As of the February 2016 distribution, total parity is at 102.56% and senior parity at 105.02%. The senior parity ratio is expected to continue to increase, since only the class A notes are receiving principal. However, the total parity ratio is expected to remain the same, since it has reached its target OC amount equal to the greater of 2.50% of the adjusted pool balance and $2 million. Additionally, class B will not receive any principal until the class A notes are paid-in-full.

Adequate Liquidity Support: Liquidity support is currently provided by an approximate $13 million reserve account (2.00% of outstanding note balance). Prior to the January 2017 distribution date the specified reserve requirement is 2% of the outstanding note balance, on or after the January 2017 distribution date, the specified reserve requirement will be the greater of 0.25% of the outstanding note balance and 0.10% ($722,000) of the initial note balance.

Acceptable Servicing Capabilities: Pennsylvania Higher Education Assistance Agency serves approximately 76 % of the 2015-2 portfolio and Xerox Education Services, LLC services the remainder. In Fitch's opinion, both are acceptable servicers of FFELP student loans based on reviewing their historical net claims rejects.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies 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, basis risk, and loan extension risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults, basis shock beyond Fitch's published stresses, lower than expected payment speed, and other factors could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future