NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms all the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2003-A (2003-A) at their current ratings. The Rating Outlook remains Negative. A detailed list of rating actions follows at the end of this press release.

Fitch's Global Structured Finance Rating Criteria and Private Student Loan Asset-Backed Securities (ABS) Criteria were used to review the transaction.

The affirmation of the student loan notes reflects sufficient loss coverage multiples to support their existing ratings. The Negative Outlook reflects future expected defaults and compressed loss coverage.

Key Rating Drivers:

Adequate Collateral Quality:

The trust is collateralized by approximately $335.94 million of SLM's Signature Education Loan Program, LAWLOANS program, MBALoans program, and MEDLOANS program, as of Aug. 2013. The private student loans are intended to assist individuals in financing their undergraduate or graduate education beyond FFELP limits.

Sufficient Credit Enhancement (CE):

Transaction CE is provided by excess spread and subordination to support the loss coverage for the class A, B, and C notes at their respective rating category. The senior parity, subordinate parity and junior sub-parity ratios for SLM 2003-A are 118.53%, 111.65% and 98.97% as of August 2013. Based on the trust's performance, Fitch estimates remaining defaults to be 7%-9% of current principal balance. Recovery is assumed to be 10% in Fitch's analysis.

Adequate Liquidity Support:

Liquidity support is provided by a reserve account sized at approximately $5.21 million.

Satisfactory Servicing Capabilities:

Day-to-day servicing is provided by Sallie Mae Servicing, L.P. Sallie Mae Servicing, L.P. has demonstrated satisfactory servicing capabilities.

Loss coverage multiples were derived based on the latest performance data. The projected net loss amounts were compared to available CE to determine the loss multiples appropriate for each rating category.

Fitch has affirmed the following ratings:

SLM Private Credit Student Loan Trust 2003-A:

--Class A-2 at 'Asf'; Outlook Negative;

--Class A-3 at 'Asf'; Outlook Negative;

--Class A-4 at 'Asf'; Outlook Negative;

--Class B at 'BBBsf'; Outlook Negative;

--Class C at 'CCCsf'; RE45%.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'U.S. Private Student Loan ABS Criteria' Jan. 29, 2013;

--'Global Structured Finance Rating Criteria' May 24, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=698293

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=811108

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