Fitch Affirms New Jersey Higher Ed Student Assistance Auth 2010-2 Indenture Revs; Outlook Stable

Fitch Ratings has affirmed the rating on the New Jersey Higher Education Student Assistance Authority (NJHESAA) student loan revenue bonds issued under the 2010-2 master trust indenture. The Rating Outlook is Stable. Fitch's Global Structured Finance Rating Criteria and Private Student Loan Asset-Backed Securities (ABS) Criteria were used to review the transaction. The rating actions are detailed at the end of this press release.

Fitch affirms the ratings on the bonds based on loss coverage multiples which are sufficient to support an 'Asf' rating on the bonds which was calculated using collateral performance data as of Dec. 31, 2011. A Stable Outlook has been maintained based upon Fitch's review of the credit enhancement and cash flows run less than one year ago in July 2011.

A loss coverage multiple was determined by comparing a projected net loss amount to available credit enhancement. Fitch used historical vintage loss data provided by NJHESAA to form a loss timing curve representative of the 2010-2 trust's collateral pool. After giving credit for seasoning of loans in repayment, Fitch applied the trust's current cumulative gross loss level to this loss timing curve to derive the expected gross losses over the projected remaining life. A recovery rate was applied, which was determined to be appropriate based on the latest data provided by the issuer.

Credit enhancement consists of excess spread and overcollateralization. Fitch assumed excess spread to be the lesser of the average historical excess spread (earnings on the assets minus interest payments to bondholders and fees) and the most recent 12-month average excess spread, and applied that same rate over the stressed projection of remaining life.

The collateral supporting NJHESAA's 2010-2 trust's notes consists entirely of private student loans originated and serviced by NJHESAA, which is not rated by Fitch. The private student loans are intended to assist individuals in financing their undergraduate or graduate education beyond what the Federal Family Education Loan Program (FFELP) affords. The private student loan collateral as well as the student loan revenue bonds have a fixed interest rate, so there is no basis risk in this transaction.

Fitch affirms the following Higher Education Student Assistance Authority of the State of New Jersey (NJHESAA), Student Loan Revenue Bonds, 2010-2 Indenture, Series 2010-2 and maintains the Stable Outlook:

--Serial 2012-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2012-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2013-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2013-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2014-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2014-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2015-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2015-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2016-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2016-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2017-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2017-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2018-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2018-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2018-3 affirmed at 'Asf'; Outlook Stable;

--Serial 2019-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2019-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2020-1 affirmed at 'Asf'; Outlook Stable;

--Serial 2020-2 affirmed at 'Asf'; Outlook Stable;

--Serial 2021 affirmed at 'Asf'; Outlook Stable;

--Serial 2022 affirmed at 'Asf'; Outlook Stable;

--Serial 2023 affirmed at 'Asf'; Outlook Stable;

--Serial 2024 affirmed at 'Asf'; Outlook Stable;

--Serial 2025 affirmed at 'Asf'; Outlook Stable;

--Serial 2026 affirmed at 'Asf'; Outlook Stable;

--Serial 2027 affirmed at 'Asf'; Outlook Stable;

--Serial 2028 affirmed at 'Asf'; Outlook Stable;

--Super Sinker 2029 affirmed at 'Asf'; Outlook Stable;

--Serial 2030 affirmed at 'Asf'; Outlook Stable;

--Serial 2036 affirmed at 'Asf'; Outlook Stable.

Fitch affirms the following Higher Education Student Assistance Authority of the State of New Jersey (NJHESAA), Student Loan Revenue Bonds, 2010-2 Indenture, Series 2011-1 and Maintains the Stable Outlook:

--Serial 2012 affirmed at 'Asf'; Outlook Stable;

--Serial 2013 affirmed at 'Asf'; Outlook Stable;

--Serial 2014 affirmed at 'Asf'; Outlook Stable;

--Serial 2014a affirmed at 'Asf'; Outlook Stable;

--Serial 2015 affirmed at 'Asf'; Outlook Stable;

--Serial 2015a affirmed at 'Asf'; Outlook Stable;

--Serial 2016 affirmed at 'Asf'; Outlook Stable;

--Serial 2016a affirmed at 'Asf'; Outlook Stable;

--Serial 2017 affirmed at 'Asf'; Outlook Stable;

--Serial 2017a affirmed at 'Asf'; Outlook Stable;

--Serial 2018 affirmed at 'Asf'; Outlook Stable;

--Serial 2019 affirmed at 'Asf'; Outlook Stable;

--Serial 2019a affirmed at 'Asf'; Outlook Stable;

--Serial 2020 affirmed at 'Asf'; Outlook Stable;

--Serial 2020a affirmed at 'Asf'; Outlook Stable;

--Serial 2021 affirmed at 'Asf'; Outlook Stable;

--Serial 2021a affirmed at 'Asf'; Outlook Stable;

--Serial 2022 affirmed at 'Asf'; Outlook Stable;

--Serial 2023 affirmed at 'Asf'; Outlook Stable;

--Serial 2024 affirmed at 'Asf'; Outlook Stable;

--Serial 2025 affirmed at 'Asf'; Outlook Stable;

--Serial 2026 affirmed at 'Asf'; Outlook Stable;

--Serial 2027 affirmed at 'Asf'; Outlook Stable;

--Term 2027 affirmed at 'Asf'; Outlook Stable;

--Serial 2028 affirmed at 'Asf'; Outlook Stable;

--Serial 2029 affirmed at 'Asf'; Outlook Stable;

--Serial 2033 affirmed 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:

--'U.S. Private Student Loan ABS Criteria', July 19, 2011;

--'Global Structured Finance Rating Criteria', August 4, 2011;

--'Rating Guidelines for Moral Obligations', May 24, 2011.

Applicable Criteria and Related Research:

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667570

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Rating Guidelines for Moral Obligations

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=633029

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