Fitch Places Currus I, II, III and IV on Rating Watch Negative

NEW YORK--(Business Wire)--
Fitch Ratings places the ratings of Currus I Limited, Currus II Limited, Currus
III Limited and Currus IV Limited on Rating Watch Negative as follows:

--$250,000,000 Senior facility 'AAA';

--$5,125,000 Subordinated B facility 'AAA';

--$125,000 Subordinated C facility 'AAA'.

The ratings are based primarily on an analysis of the underlying collateral
which consists of student loan asset-backed securities (ABS) currently rated
'AAA' and 'AAA', Rating Watch Negative by Fitch. In addition, the ratings
consider the structure of the transactions which provides for 2.10% of
subordination to the senior facilities and 0.05% of subordination to the
subordinated B facilities. The subordinated C facilities do not benefit from
subordination. Finally, Fitch considered the ratings of all of the
counterparties involved in the transactions and their guarantors.

Fitch's ratings for the senior facility and subordinated B facility of each of
the four transactions address the likelihood of full repayment of interest and
principal in accordance with the terms of the transactions' governing documents
depending on the facility. The rating for the subordinated C facility addresses
the likelihood of full repayment of principal.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Amy Gan, +1-212-908-9143
Aoto Kenmochi, +1-212-908-0867
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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