OREANDA-NEWS. Fitch Ratings has affirmed the following rating actions on SLM Student Loan Trust 2005-9, administered by Navient:

--Class A-5 notes at 'AAAsf'; Outlook Stable;
--Class A-6 notes at 'AAAsf'; Outlook Stable;
--Class A-7A notes at 'AAAsf'; Outlook Stable;
--Class A-7B notes at 'AAAsf'; Outlook Stable;
--Class B note at 'Asf'; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The current U.S. sovereign rating is 'AAA' with a Stable Outlook.

Sufficient Credit Enhancement: Credit Enhancement is provided by overcollateralization, excess spread and for the class A notes, subordination provided by the class B notes. As of the September 2015 report, the total parity is at its release level of 100.00% and senior parity is at 104.68%. Cash is being released from the trust given the trust has reached its release level threshold.

Adequate Liquidity Support: Liquidity support is provided by a reserve account which is sized at the greater of 0.25% of the pool balance and $4,531,704.

Acceptable Servicing Capabilities: Day to day servicing is provided by Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), In Fitch's opinion, it is an acceptable servicer of FFELP student loans.

On Nov. 18, 2015, Fitch released its exposure draft which delineates revisions it plans to make to the 'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria', dated June 23, 2014. Fitch has reviewed this transaction under both the existing and proposed criteria in taking these rating actions.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

DUE DILIGENCE USAGE

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