NEW YORK - (Business Wire) Fitch Ratings has affirmed 20 classes of senior student loan asset backed notes issued by Kentucky Higher Education Student Loan Corporation (KHESLC) under the 2004 Master Trust. Additionally, this action also resolves the Rating Watch Negative designation previously assigned to the subordinate notes on Oct. 31, 2008. The actions follow a review of trust collateral performance taken in conjunction with Fitch's ongoing review of student loan transactions with auction rate exposure.
Overall, collateral performance for the trust has been consistent with expectations from a net default and delinquency perspective. Of the outstanding notes 69% are taxable auction-rate securities and 31% are tax-exempt auction-rate securities, all of which are currently earning interest at the maximum rate.
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