Moody's places on review for downgrade nine certificates in Student Loan ABS Repackaging trusts

New York, November 20, 2012 -- Moody's Investors Service placed on review for downgrade eight certificates in Student Loan ABS Repackaging Trust 2007-1 and one certificate in Student Loan ABS Repackaging Trust 2007-2. Deutsche Bank Trust Company Americas is the administrator and indenture trustee for both transactions.

Complete rating actions are as follows:

Issuer: Student Loan ABS Repackaging Trust, Series 2007-1

Cl. 3-A-1, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Caa1 (sf)

Cl. 3-A-IO, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Caa1 (sf)

Cl. 4-A-1, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Caa2 (sf)

Cl. 4-A-IO, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Caa2 (sf)

Cl. 5-A-1, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Ba1 (sf)

Cl. 5-A-IO, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Ba1 (sf)

Cl. 6-A-1, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Ba1 (sf)

Cl. 6-A-IO, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 16, 2011 Confirmed at Ba1 (sf)

Issuer: Student Loan ABS Repacking Trust, Series 2007-2

Cl. IO, B2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 22, 2012 Upgraded to B2 (sf)

RATINGS RATIONALE

The review of the certificates was primarily due to the review of the underlying securities referenced in these transactions. The ratings of the certificates issued by Student Loan Repackaging Trust, Series 2007-1, are based on the ratings of the underlying securities and the payment timing swap provided by Deutsche Bank AG, New York Branch. The payment timing swap covers any interest shortfalls on the certificates if the interest accrual period for the certificates is longer than the interest accrual period for the underlying securities on the related underlying distribution date. Below is a list of the underlying securities referenced in this transaction:

Group 3 Certificates: National Collegiate Student Loan Trust 2003-1, Class A-7 (current rating Caa1 (sf) on review for downgrade) and Class IO Notes (current rating Caa1 (sf) on review for downgrade);

Group 4 Certificates: National Collegiate Student Loan Trust 2004-1, Class A-4 (current rating Caa3 (sf) on review for downgrade) and Class A-IO-2 Notes (current rating Caa3 (sf) on review for downgrade);

Group 5 Certificates: National Collegiate Student Loan Trust 2005-1, Class A-5-1 (current rating Ba1 (sf) on review for downgrade) and Class A-5-2 Certificates (current rating Ba1 (sf) on review for downgrade);

Group 6 Certificates: National Collegiate Student Loan Trust 2005-3, Class A-5-1 Certificates (current rating Ba1 (sf) on review for downgrade).

The assets of the Student Loan Repackaging Trust, Series 2007-2 consist primarily of the Class 1-A-IO, Class 2-A-IO, Class 3-A-IO, Class 4-A-IO, Class 5-A-IO, Class 6-A-IO and Class 7-A-IO Certificates issued by the Student Loan ABS Repackaging Trust, Series 2007-1. The rating of the Class IO in the Student Loan Repackaging Trust, Series 2007-2 was determined based on the weighted average rating of the underlying IO bonds. As a consequence of the confirmation of the ratings on Class 3-A-IO, Class 4-A-IO, Class 5-A-IO and Class 6-A-IO, Class IO was also confirmed.

The reviews were also prompted by correction of the static pool default information that was used to assess the ratings of the above referenced Group 3 to Group 6 underlying securities during the May 2011 rating actions. The use of incorrect static pool default data for those rating actions led to an input error in connection with the 16 June 2011 rating actions on the Series 2007-1 and 2007-2 repackaging trust.

The principal methodologies used in these ratings were "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities" published on January 2010 and "Moody's Approach to Rating Structured Finance Interest-Only Securities" published on February 22 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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JingJing DangAsst Vice President - Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Irina Faynzilberg VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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