OREANDA-NEWS. S&P Global Ratings today affirmed its 'AAA (sf)' rating on $256.59 million insured custodial receipts related to KeyCorp Student Loan Trust 2003-A's class II-A-3 due in 2039.

Our rating on the custodial receipts is dependent on the higher of our rating on the underlying security, KeyCorp Student Loan Trust 2003-A's floating-rate asset-backed notes series 2003-A class II-A-3 ('AAA (sf)'), and our rating on the insurance provider, MBIA Insurance Corp. ('CCC').

Today's rating action follows the June 15, 2016, lowering of our rating on the insurance provider to 'CCC' from 'B'. We may take subsequent rating actions on the notes due to changes in our ratings assigned to the underlying security or the insurance provider.