--Class A at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
Collateral Performance: Fitch assumes a base case default rate of 11.4% and a 34.2 default rate under the '
Basis and Interest Rate Risk: Fitch applies its standard basis and interest rate stresses to this transaction as per criteria.
Payment Structure: Credit Enhancement (CE) is provided by overcollateralization and excess spread. As of
Maturity Risk: Fitch's SLABS cash flow model indicates that the NHHELC 2012-1 notes are paid in full on or prior to their respective legal final maturity in Fitch's '
Operational Capabilities: The NHHELC 2012-1 is serviced by Granite State Management Resources. Fitch believes Granite State Management Resources is an acceptable servicer of FFELP student loans.
Under Fitch's 'Counterparty Criteria for Structured Finance and Covered Bonds', dated
Under Fitch's criteria "Rating
Under Fitch's criteria, 'Rating
Since FFELP student loan ABS rely on the
DUE DILIGENCE USAGE
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10
Form ABS Due Diligence-15E was not provided to Fitch, or reviewed by Fitch in relation to this rating action.
Additional information is available at www.fitchratings.com.
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 01
Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub.
Global Structured Finance Rating Criteria (pub.
Dodd-Frank Rating Information Disclosure Form
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