Fitch Upgrades LoanStar Asset Partners II, L.P., 1995 Master Trust Notes

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings upgrades the long-term rating of LoanStar Asset Partners II, L.P., 1995 Master Trust Notes to 'AAsf' from 'AA-sf', and affirms the short-term rating at 'F1+sf'. The Rating Outlook for the long-term rating remains Stable.

KEY RATING DRIVERS

The rating for each series of 1995 Master Trust notes is based on the support provided by a distinct direct-pay letter of credit (LOC) issued by State Street Bank and Trust Company (rated 'AA/F1+' with a Stable Outlook by Fitch). State Street is obligated to make payments of interest and principal on the bonds upon maturity, acceleration, and redemption, as well as the purchase price for tendered bonds. The ratings assigned to a series of 1995 Master Trust notes will expire upon the earliest to occur of: Dec. 23, 2019, the stated expiration date of each letter of credit, or as such date may be extended; any prior termination of a related letter of credit; and defeasance of such series of 1995 Master Trust notes.

RATING SENSITIVITIES

The rating of the bonds is exclusively tied to the long- and short-term ratings that Fitch maintains on the bank providing the LOC and will reflect all changes to the bank's ratings.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has upgraded the following ratings:

LoanStar Asset Partners II, L.P., 1995 Master Trust (fka Greater East and Greater Texas Student Loan Corp):

--Series 1995 B' to 'AAsf/F1+sf' from 'AA-sf/F1+sf'; Outlook Stable;

--Series 1995 B to 'AAsf/F1+sf' from 'AA-sf/F1+sf'; Outlook Stable;

--Series 1998A to 'AAsf/F1+sf' from 'AA-sf/F1+sf'; Outlook Stable;

--Series 2000A to 'AAsf/F1+sf' from 'AA-sf/F1+sf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Rating Guidelines for Letter of Credit-Supported Bonds and Commercial Paper (pub. 21 May 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866152

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989801

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989801

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150821005630/en/

Fitch Ratings
Primary Analyst
Harry Kohl
Associate Director
+1-212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations:
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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