OREANDA-NEWS. Fitch Ratings affirms all the outstanding student loan notes issued by SLM Private Credit Student Loan Trust 2004-B at their current ratings. The Rating Outlook remains Stable for the class A and B notes. The Outlook for the Class C notes has been revised to Positive from Stable. A detailed list of rating actions follows at the end of this press release.

Outlook for the Class C notes has been revised to Positive. The trust continues generate positive excess spread and total parity has continued to increase as a substantial portion of the class C notes are being paid down. Total parity is currently at 105.00%, providing more credit enhancement to the Class C notes. In addition, defaults have begun to level off.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately \$596.36 million of private student loans as of November 2014. The loans were originated by Navient Corp. (fka SLM Corp) under the Signature Education, Law, MBA, and Med loans program. The projected remaining defaults are expected to range between 6%-9% as a percentage of the current balance. A recovery rate of 10% was applied, which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement: CE is provided by overcollateralization and excess spread. The class A and B notes also benefit from subordination provided by the class C notes. CE is sufficient to provide loss coverage for the class A, B, and C notes. As of November 2014, class A, B, and C parities are at 118.28%, 111.86%, and 105.00%, respectively.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately \$3,206,436 million.

Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions Inc., which has demonstrated satisfactory servicing capabilities.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust.

Fitch affirms the following:

SLM Private Credit Student Loan Trust 2004-B:

--Class A-2 at 'AAsf'; Outlook Stable;
--Class A-3 at 'AAsf'; Outlook Stable;
--Class A-4 at 'AAsf'; Outlook Stable;
--Class B at 'Asf'; Outlook Stable;
--Class C at 'BBsf'; revised from Outlook Stable to Positive.