Fitch Ratings maintains the Rating Watch Negative on all outstanding notes of Vermont Student Assistance Corp (VSAC) - 1995 Bond Resolution (VT).
The IRS audited VSAC 1998 series K - O bonds, issued under the 1995 master trust, in 2008, examining its accounting treatment of student loans and consolidation loan rebate fees. On June 28, 2011, VSAC received notices from the IRS that it has extended its audit of VSAC's accounting practices prior to 2008 with regard to its other tax-exempt bonds issued under the 1995 master trust.
Fitch is waiting for additional information to determine how long it will take to resolve this situation and whether VSAC or the 1995 trust is liable for any payment. As a result, Fitch maintains the following series of outstanding notes, rated.
Fitch maintains the following notes on Rating Watch Negative, until further updates are received:
--Series 1995-A 'AA-sf';
--Series 1995-B 'AA-sf';
--Series 1995-C 'AA-sf';
--Series 1996-F' 'AA-sf';
--Series 1996-G 'AA-sf';
--Series 1996-H 'AA-sf';
--Series 1998-K 'AA-sf';
--Series 1998-L 'AA-sf';
--Series 1998-M 'AA-sf';
--Series 2000-R 'AA-sf';
--Series 2000-S 'AA-sf';
--Series 2000-T 'AA-sf';
--Series 2001-V 'AA-sf';
--Series 2001-W 'AA-sf';
--Series 2001-X 'AA-sf';
--Series 2001-Y 'AA-sf';
--Series 2001-Z 'AA-sf';
--Series 2001-AA 'AA-sf';
--Series 2002-BB 'AA-sf';
--Series 2002-CC 'AA-sf';
--Series 2002-DD 'AA-sf';
--Series 2003-FF 'AA-sf';
--Series 2003-HH 'AA-sf';
--Series 2003-II 'AA-sf';
--Series 2003-JJ 'AA-sf';
--Series 2003-KK 'AA-sf';
--Series 2003-LL 'AA-sf';
--Series 2004-MM 'AA-sf';
--Series 2004-NN 'AA-sf';
--Series 2004-OO 'AA-sf';
--Series 2004-PP 'AA-sf';
--Series 2005-RR 'AA-sf';
--Series 2005-SS 'AA-sf';
--Series 2006-UU 'AA-sf';
--Series 2006-VV 'AA-sf';
--Series 2007-WW 'AA-sf';
--Series 2007-XX 'AA-sf';
--Series 2007-YY 'AA-sf'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);
--'U.S. Private Student Loan ABS Criteria'(January 31, 2012);
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' dated April 3, 2012.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=6...
U.S. Private Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=6...
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=6...
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.
NEW YORK--(BUSINESS WIRE)--Fitch Ratings 6.5.2012