RESTON, Va., Sept. 14 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae and the nation's leading saving- and
paying-for-college company, today announced that Fitch Ratings, a leading
global rating agency serving the world's credit markets, has upgraded 12
classes and affirmed 55 classes of Sallie Mae's private student loan
asset-backed notes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
The collateral securing the notes are private student loans originated
to undergraduate, graduate and professional students under Sallie Mae's
Signature Student Loan, LAWLOANS, MBA LOANS and EXCEL programs.
"Overall, the collateral performance of the SLM private student loans
financed by the various trusts has been consistent with or better than
Fitch's expectations from a net loss perspective," Fitch Ratings stated in
a press release announcing the news.
The agency stated that the upgrades and affirmations of Sallie Mae's
private student loan asset-backed notes "are based on the quality and
performance of the private loan collateral, the credit enhancement
provided, and the sound legal structure."
Fitch's rating definitions and the terms of use of such ratings are
available online at http://www.fitchratings.com. Fitch Ratings is a leading
global rating agency committed to providing the world's credit markets with
independent, timely and prospective credit opinions. Built on a foundation
of organic growth and strategic acquisitions, Fitch Ratings has grown
rapidly during the past decade gaining market presence throughout the world
and across all fixed income markets.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $153 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $18 billion in 529 college-savings plans, and 8
million members have joined Upromise to help save for college with rewards
on purchases at nearly 70,000 places. 529 college savings plans are
municipal securities and are offered through Upromise Investments, Inc. The
value of units will vary with market conditions and are not government or
FDIC insured. Upromise is a registered service mark of Upromise, Inc.
Sallie Mae and its subsidiaries offer debt management services as well as
business and technical products to a range of business clients, including
higher education institutions, student loan guarantors and state and
federal agencies. More information is available at
http://www.salliemae.com. SLM Corporation and its subsidiaries are not
sponsored by or agencies of the United States of America.
SOURCE Sallie Mae
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Related links:
http://www.salliemae.com
http://www.fitchratings.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
AP Archive: http://photoarchive.ap.org PRN Photo Desk
photodesk@prnewswire.com
http://www.prnewswire.com/comp/827187.html/
CONTACT:
Tom Joyce (media), +1-703-984-5610, or Steve
McGarry, (investors), +1-703-984-6746, both of Sallie Mae
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