Fitch Ratings has affirmed the senior and subordinate facilities from Currus V Limited. The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the current rating of the underlying collateral, the class A-6 notes and class B notes issued by SLM Student Loan Trust 2007-1. As of Dec. 18, 2015, the class A-6 notes are rated 'AAAsf' Rating Watch Negative and the class B notes are rated 'Asf', Outlook Stable.

RATING SENSITIVITIES

The ratings assigned to Currus V Limited are linked to and move with the rating of the B note since all three facilities have exposure to the subordinated note. A downgrade of the B notes would likely result in a downgrade of the Currus V Limited notes.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings for Currus V Limited:

--Senior facility at 'Asf'; Outlook Stable;

--Subordinated B facility at 'Asf'; Outlook Stable;

--Subordinated C facility at 'Asf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=997948

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997948

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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