Fitch Upgrades Currus I-IV Limited Ratings

Fitch Ratings has upgraded the senior and subordinate facilities from Currus I, II, III, and IV Limited. The Rating Outlook is Stable.

KEY RATING DRIVERS:

The upgrade and Stable Outlooks reflect the current rating of the underlying collateral, the class A-6 notes and class B notes issued by SLM Student Loan Trust 2006-10. As of Jan. 16, 2014, the class A-6 notes are rated 'AAAsf' Rating Watch Negative and the SLM class B notes are rated 'Asf' with a Stable Outlook. The ratings assigned to Currus I, II, III, and IV Limited are linked to and move with the rating of the B note since all three facilities have exposure to the subordinated note.

Fitch upgrades the ratings of Currus I-IV Limited and maintains Rating Outlooks as follows:

Currus I-IV Limited:

--Senior facility to 'Asf' from 'BBBsf'; Outlook Stable;

--Subordinated B facility to 'Asf' from 'BBBsf'; Outlook Stable;

--Subordinated C facility to 'Asf' from 'BBBsf'; Outlook Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', dated May 24, 2013;

--'Fitch Maintains Negative Watch on SLM Student Loan Trust 2005-9 & 2006-10 Sr. Notes; Upgrades Subs', dated Jan. 16, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818136

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