Fitch Comments on Request for Rating Agency Confirmation for SLM Private Credit SL Trust 2005-B

OREANDA-NEWS. Fitch Ratings currently maintains ratings on student loan bonds issued by SLM Private Credit Student Loan Trust 2005-B (full list detailed below). SLM has requested that Fitch confirm its existing ratings in connection with the proposed amendments to the 1994 ISDA Credit Support Annex, dated as of Nov. 4, 2011, between Royal Bank of Scotland Plc and SLM Private Credit Student Loan Trust 2005-B. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan transactions (May 8, 2009), Fitch is treating this request as a notification.

Based on the information provided, Fitch has determined that the proposed amendments will not have a material impact on the existing ratings. This determination only addresses the effect of the amendments on the current ratings assigned by Fitch to the securities listed below. This determination does not address whether this change is permitted by the terms of the documents, nor does it address whether this change is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.

Fitch's ratings on the above-mentioned trust remain unchanged and are listed below:

SLM Private Credit Student Loan Trust 2005-B:

--Class A-2 at 'AAsf'; Outlook Negative;
--Class A-3 at 'AAsf'; Outlook Negative;
--Class A-4 at 'AAsf'; Outlook Negative;
--Class B at 'Asf'; Outlook Negative;
--Class C at 'BBBsf'; Outlook Negative.