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Article: Fitch Downgrades 3 Sub Classes & Places All on Watch Negative from ISAC 2002 General Resolution.(Report)
- Article from:
- Education Letter
- Article date:
- November 18, 2009
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Fitch Ratings downgrades three subordinate classes and places all classes on Rating Watch Negative from the Federal Family Education Loan Program (FFELP) student loan asset-backed notes issued by the Illinois Student Assistance Commission (ISAC) 2002 General Resolution. The trust is under-collateralized and under significant stress with negative excess spread and declining parity. The Global SF Rating Criteria were used to review the transaction.
The rating actions are tied to deteriorating trust performance with continuous decline in trust parity over the past 18 months. As of the June 2009 Distribution Report, the total parity has declined to 98.37% due to high ...