Fitch Affirms Senior & Sub Notes of SLM Student Loan Trust 2012-2

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130301:nBw016116a

NEW YORK--(Business Wire)--
Fitch Ratings affirms the senior note at 'AAAsf' and the subordinate student
loan note at 'Asf' issued by SLM Student Loan Trust 2012-2. The Rating Outlook
on the senior notes, which is tied to the sovereign rating of the U.S.
government, remains Negative, while the Rating Outlook on the subordinate note
remains Stable. Fitch used its 'Global Structured Finance Rating Criteria', and
'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review
the ratings.

KEY RATING DRIVERS

The ratings on the senior and subordinate notes are affirmed based on the
sufficient level of credit to cover the applicable risk factor stresses. Credit
enhancement for the senior and subordinate notes consists of
overcollateralization and projected minimum excess spread, while the senior
notes also benefit from subordination provided by the class B note.

RATING SENSITIVITIES

Since FFELP student loan ABS rely 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 and basis risk
account for the majority of the risk embedded in FFELP student loan
transactions. Additional defaults and basis shock beyond Fitch's published
stresses could result in future downgrades. Likewise, a buildup of credit
enhancement driven by positive excess spread given favorable basis factor
conditions could lead to future upgrades.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2012-2:

--Class A-1 affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed at 'Asf'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated June 6, 2012;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria'
dated April 3, 2012.

Applicable Criteria and Related Research

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE '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
Primary Analyst
Jenny Ovalle, +1-212-908-0849
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Steven Stubbs, +1-212-908-0676
Senior Director
or
Media Relations:
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

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