[May 13, 2015]

Fitch Affirms KeyCorp Student Loan Trust 1999-A; Subordinate Outlook Revised to Positive

Fitch Ratings affirms KeyCorp Student Loan Trust 1999-A senior notes at 'AAAsf' and the subordinate notes at 'A+sf'. The Rating Outlook for the senior notes remains Stable, while the Rating Outlook for the subordinate notes is revised to Positive from Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust is collateralized by approximately 61% Federal Family Education Loan Program (FFELP) loans and 39% private student loans as of February 2015. The loans were originated by KeyCorp. The credit quality of the FFELP portion is high, in Fitch's opinions, based on the guarantees provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch's current U.S. sovereign rating is 'AAA' with a Stable Outlook. Fitch's remaining default projection for the private loans is 10%-12% as a percent of the current pool balance, with recoveries at 15%.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (the excess of trust's asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. As of February 2015, senior and total parity ratios are 362.14% and 119.77%, respectively, and no cash is being released from the trust as all collections are being used to pay down the outstanding notes.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of 0.30% of the aggregate outstanding principal amount of the notes and certificates and $1,297,500. The reserve account is currently sized at the floor of $1,297,500.

Satisfactory Servicing Capabilities: KeyBank N.A. serves as the Master Servicer for the trust loans, and Fitch believes the servicing operations are acceptable at this time.

RATING SENSITIVITIES

As Fitch's base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage.

Fitch has affirmed the following ratings:

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

--Class B at 'A+sf'; Outlook revised to Positive from Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (March 31, 2015);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS (News - Alert) Criteria' (June 23, 2014);

--'U.S. Private Student Loan ABS Criteria' (Jan. 29, 2015).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

U.S. Private Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=984613

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 (News - Alert) 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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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