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Fitch Takes Various Actions on KeyCorp Student Loan Trust 2006-A (Group I) Notes



  Fitch Takes Various Actions on KeyCorp Student Loan Trust 2006-A (Group I)
  Notes

Business Wire

NEW YORK -- February 15, 2013

Fitch Ratings has affirmed the senior student loan notes issued by KeyCorp
Student Loan Trust 2006-A (Group I) at 'AAAsf' and upgraded the subordinate
note to 'A+sf' from 'BBBsf'. The Rating Outlook for the senior notes, which is
tied to the sovereign rating of the U.S. government, remains Negative. The
Rating Outlook for the subordinate note remains Stable.

KEY RATING DRIVERS

Fitch affirms the ratings on the senior notes based on the sufficient level of
credit enhancement to cover the applicable risk factor stresses. Credit
enhancement for the senior notes consists of overcollateralization, projected
minimum excess spread, and subordination provided by the class B notes.

The rating on the subordinate note is upgraded to 'A+sf' from 'BBBsf' due to
the sufficient level of credit enhancement to cover the applicable basis
factor stresses at the 'A+sf' rating category. The class B note began
receiving principal payments after the stepdown date in December 2011, and
parity has remained, and is expected to continue to remain, steady at the
100.25% release level.

Fitch has taken the following rating actions:

KeyCorp Student Loan Trust 2006-A (Group I):

--Class A-2 affirmed at 'AAAsf'; Outlook Negative;

--Class B upgraded to 'A+sf' from 'BBBsf'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated June 6, 2012;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS
Criteria' dated April 3, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

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 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.

Contact:

Fitch Ratings
Primary Analyst
Harry Kohl, +1-212-908-0837
Associate Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Steven Stubbs, +1-212-908-0676
Senior Director
or
Media Relations
Sandro Scenga, +1 212-908-0278 (New York)
sandro.scenga@fitchratings.com
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