Fitch Downgrades Currus IV Limited and Assigns Stable Outlook

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded the senior and subordinated facilities from Currus IV Limited and assigned a Stable Outlook. In addition Fitch has removed all facilities from Rating Watch Negative. The Global SF Criteria was used to review the transaction.

The downgrades and Stable Outlook 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. Currently the class A-6 notes are rated 'AAAsf' with a Stable Outlook and the class B notes have been downgraded to 'BBBsf' from 'AAAsf' with a Stable Outlook. The ratings assigned to Currus 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 has downgraded the following ratings and assigned a Stable Outlook:

Currus IV Limited :

--Senior facility to 'BBBsf' from 'AAAsf';

--Subordinated B facility to 'BBBsf' from 'AAAsf';

--Subordinated C facility to 'BBBsf' from 'AAAsf'.

Additional information is available at www.fitchratings.com. The ratings above have been initiated by Fitch as a service to investors.

Related Research:

--'Global SF Rating Criteria' (August 16, 2010).

Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

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