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Fitch Affirms KeyCorp Student Loan Trust 1999-B Certificate

NEW YORK, Apr 22, 2016 (BUSINESS WIRE) -- Fitch Ratings has affirmed the rating on the certificate class debt issued by KeyCorp Student Loan Trust 1999-B. The Rating Outlook remains Positive.

-- Certificate class at 'A+sf'; Outlook Positive.

KEY RATING DRIVERS

High Collateral Quality: The collateral consists of approximately 53% private student loans, and 47% Federal Family Education Loan Program (FFELP) loans as of January 2016. The credit quality of the FFELP collateral is high, in Fitch's opinion, based on the guarantees provided by the transaction's eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch's current U.S. sovereign rating is 'AAA' with a Stable Outlook. Fitch's remaining default projection is 8%-10% as a percent of the current pool balance, with recoveries at 15%.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust's asset balance over bond balance) and excess spread. As of January 2016, total parity was 129.31%. No cash is being released from the trust as all collections are being used to pay down the outstanding certificate.

Acceptable Servicing KeyBank N.A. serves as the Master Servicer for the trust loans, and Fitch believes the servicing operations are...


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