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Fitch Comments on Access Group Inc.'s Request for Rating Agency Confirmation

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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings currently maintains ratings as listed below on student loan asset backed securities issued by Access Group, Inc. under the Access Group, Inc. 2005-A Indenture of Trust and Access Group, Inc. 2005-B Indenture of Trust. Access Group, Inc. has requested that Fitch confirm its existing ratings upon the termination of existing swaps within the trust. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.

Access Group, Inc. has notified Fitch that the basis risk swaps in the 2005-A and 2005-B trusts, with Lehman Brothers as the counterparty, will be terminated as of the Oct. 25, 2012 payment date. The net impact to the 2005-A and 2005-B trusts will be positive cash inflows of $785,273.49 and $399,048.47 respectively. These cash inflows reflect consideration of swap payments owed offset by specific reserves established by each party, legal costs, interest, and the expected swap termination payments payable to Lehman.

The swap termination payments of $553,574.54 and $762,230.96 will be paid only when the pre-established release level is met. Because the 2005-A trust has not yet reached the release level parity of 103%, the funds allocated for this payment will remain on the trust balance sheet as a liability until the requisite 103% parity level is achieved. Since the 2005-B trust is above the release level parity, however, it is expected to pay the full $762,230.96 payment on the Oct. 25, 2012 payment date.

After Lehman stopped making payments on the swap in 2008, Fitch placed these transactions on Rating Watch Negative. Beginning on Oct. 1, 2009, Fitch stopped giving credit to future swap receipts when reviewing the ratings on these transactions. Fitch analyzed the transaction and determined that the ratings could be affirmed without the benefit of the swap. Based on the information provided, Fitch has determined that the swap termination will not have an impact on the existing ratings at this time. This determination only addresses the effect of the swap termination on the current ratings assigned by Fitch to the securities listed below. It does not address whether the transaction is permitted by the terms of the documents nor does it address whether it is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.

Fitch's ratings on the effected trusts remain unchanged as listed below:

Access Group, Inc. 2005-A Indenture of Trust:

--Class A-2 at 'AAAsf'; Outlook Negative;

--Class A-3 at 'AAAsf'; Outlook Negative;

--Class B at 'Asf'; Outlook Negative.

Access Group, Inc. 2005-B Indenture of Trust:

--Class A-2 at 'AAAsf'; Outlook Negative;

--Class A-3 at 'AAAsf'; Outlook Negative;

--Class B-1 at 'Asf'; Outlook Negative.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Jun. 6, 2012);

--'U.S. Private Student Loan ABS Criteria'(Jan. 31, 2012);

--Fitch Affirms Access Group, Inc. Series 2005-B; Outlook Stable (Oct. 1, 2009)

--Fitch Places Access Group 2005-A & 2005-B on Rating Watch Negative (Oct. 29, 2008).

Applicable Criteria and Related Research:

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=667570

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Primary Analyst
Harry Kohl
Analyst
+1-212-908-0837
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Tracy Wan
Senior Director
+1-212-908-9171
or
Committee Chairperson
Cynthia Ullrich
Senior Director
+1-212-908-0609
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com

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