NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms at 'AAAsf' the senior notes issued by Access Group Inc. series 2007-A and downgrades the subordinate notes to 'BBBsf' from 'Asf. ' The Outlook has been revised to Stable from Negative for all notes. A detailed list of rating actions follows at the end of this press release.

The affirmations are based on a sufficient level of enhancement consisting of any combination of overcollateralization, and projected excess spread to cover the applicable risk factor stresses. Downgrade of the subordinate notes is due to the insufficient net loss coverage multiple for current rating categories. The collateral consists of 100.0% private student loans.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately $429.0 million of private student loans as of August 2014. The loans were originated by Access Group. The projected rating defaults are expected to range between 10.0% - 15.0%. A recovery rate of 25.0% was applied which was determined to be appropriate based on data provided by the issuer.

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 are currently 126.72% and 103.00%, respectively, which is the trust's release level and excess cash is being released.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Xerox Education Services. Fitch believes the servicing operations are acceptable at this time.

RATING SENSITIVITIES

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.

Fitch takes the following rating actions:

Access Group, Inc. Series 2007-A

--Class A-2 affirmed at 'AAAsf'; Outlook revised from Negative to Stable;

--Class A-3 affirmed at 'AAAsf'; Outlook revised from Negative to Stable;

--Class B downgraded to 'BBBsf' from 'Asf'; Outlook revised from Negative to Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 30, 2014);

--'U.S. Private Student Loan ABS Criteria' (Jan. 29, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria - Effective from 20 May 2014 to 4 August 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=929595

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