Fitch Ratings has affirmed all of the private student loan asset-backed
notes of Massachusetts Educational Financing Authority Issue J. The
Rating Outlook remains Stable on all notes. Fitch's Global Structured
Finance Rating Criteria and Private Student Loan Asset-Backed Securities
(ABS) Criteria were used to review the transaction.
The affirmations are based on Fitch's comprehensive analysis of the
Issue J when rating the most recent issuance out of the trust,
Massachusetts Educational Financing Authority Issue 2012, in which all
current outstanding notes of Issue J passed the 'A' level cashflows.
Fitch has affirmed the following classes:
--$530,000 Series 2011 maturing on 7/1/2017 at 'Asf'; Outlook Stable;
--$4,835,000 Series 2011 maturing on 7/1/2018 at 'Asf'; Outlook Stable;
--$1,095,000 Series 2011 maturing on 7/1/2019 at 'Asf'; Outlook Stable;
--$4,385,000 Series 2011 maturing on 7/1/2019 at 'Asf'; Outlook Stable;
--$955,000 Series 2011 maturing on 7/1/2020 at 'Asf'; Outlook Stable;
--$5,000,000 Series 2011 maturing on 7/1/2020 at 'Asf'; Outlook Stable;
--$6,460,000 Series 2011 maturing on 7/1/2021 at 'Asf'; Outlook Stable;
--$7,010,000 Series 2011 maturing on 7/1/2022 at 'Asf'; Outlook Stable;
--$7,610,000 Series 2011 maturing on 7/1/2023 at 'Asf'; Outlook Stable;
--$8,255,000 Series 2011 maturing on 7/1/2024 at 'Asf'; Outlook Stable;
--$8,960,000 Series 2011 maturing on 7/1/2025 at 'Asf'; Outlook Stable;
--$9,680,000 Series 2011 maturing on 7/1/2026 at 'Asf'; Outlook Stable;
--$11,180,000 Series 2011 maturing on 7/1/2027 at 'Asf'; Outlook Stable;
--$7,130,000 Series 2011 maturing on 7/1/2028 at 'Asf'; Outlook Stable;
--$7,835,000 Series 2011 maturing on 7/1/2029 at 'Asf'; Outlook Stable;
--$11,950,000 Series 2011 maturing on 7/1/2033 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' (June 6, 2012);
--'U.S. Private Student Loan ABS Criteria' (Jan. 31 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
U.S. Private Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667570
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