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Fitch's Global Structured Finance Rating Criteria were used to review the ratings, and the affirmations are based on the performance of the trust in-line with the expectations outlined therein. The existence of auction rate securities has not had a significant impact on the trust performance.
Assignment of the Stable Outlooks reflects Fitch's expectation that, with the significant buildup of parity for the senior notes, the ratings are expected to remain stable for the next two years. The subordinate student loan note is on Rating Watch Negative and will be reviewed separately upon the completion of the updated basis risk analysis.
The collateral supporting Nelnet Student Loan Trust series 2003-2 notes consists entirely of federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed at least 97% of principal and accrued interest, depending on the loan origination date. Approximately 99.8% of the loans are serviced by Nelnet, Inc., which does not carry a Fitch Seller/Servicer Rating, and the remainder is serviced by Sallie Mae which is rated 'Proficient Plus' by Fitch.
Fitch affirms and assigns Outlooks to the following senior classes of Nelnet Student Loan Trust series 2003-2 notes:
-- Class A-4 notes at 'AAA'; Outlook Stable;
-- Class A-5 notes at 'AAA'; Outlook Stable;
-- Class A-6 notes at 'AAA'; Outlook Stable.
The following applicable criteria report is available on Fitch's web site at 'www.fitchratings.com': 'Global Structured Finance Rating Criteria', dated Sept. 30, 2009.
Additional information is available at 'www.fitchratings.com'.
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.
SOURCE: Fitch Ratings
Fitch Ratings, New York Jeff Prackup, +1-212-908-0839 Aoto Kenmochi, +1-212-908-0867 Media Relations: Sandro Scenga, +1-212-908-0278 sandro.scenga@fitchratings.com
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