Fitch Ratings has upgraded Access Group 2004-2 class A-3 to 'Asf' from 'Bsf' and class A-4 to 'Bsf' from 'CCCsf'.

Class A-4 is assigned a Positive Outlook and the Outlook remains Positive for class A-3. Access Group 2004-2 class A-5 and class B are affirmed at 'CCCsf'. In addition, Fitch has affirmed the ratings on all notes of Access Funding LLC 2015-1 and the Rating Outlook remains Stable.

RATING ACTIONS

Entity / Debt

Rating

Prior

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

A-3 00432CBW0

LT

Asf

Upgrade

Bsf

A-4 00432CBX8

LT

Bsf

Upgrade

CCCsf

A-5 00432CBY6

LT

CCCsf

Affirmed

CCCsf

B 00432CBZ3

LT

CCCsf

Affirmed

CCCsf

Access Funding 2015-1 LLC

A 00435TAA9

LT

AAAsf

Affirmed

AAAsf

B 00435TAB7

LT

AAsf

Affirmed

AAsf

Page

of 1

VIEW ADDITIONAL RATING DETAILS

i

Transaction Summary

The upgrade to the rating on Access Group 2004-2, class A-3 is based on higher than expected amortization than since the last review. Currently, this class is the only senior note receiving principal and benefited from significantly higher payment rates than historical trends. The upgrade to class A-3 and class A-4 notes reflects the improved pay down in class A-3. Positive rating action could be taken again in the next one to two years even if payment rates slow to average historical levels.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family Education Loan Program (FFELP) loans, with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The U.S. sovereign rating is currently 'AAA'/Outlook Stable.

Collateral Performance: Based on transaction specific performance to date, Fitch assumed a sustainable constant default rate assumption (sCDR) of 2.0% for 2004-2 and 2.5% for 2015-1 and a sCPR of 6.25% for 2004-2 and 16.0% for 2015-1. The base case default rate is 11.5% for 2004-2 and 14.25% for 2015-1. The TTM levels of deferment and forbearance are 0.61% and approximately 3.0%, respectively, for 2004-2, and 2.8% and 4.8%, respectively, for 2015-1. These levels are used as the starting point in cash flow modeling and subsequent declines and increases are modeled as per criteria.

Basis and Interest Rate Risk: Basis risk for this transaction arises from any rate and reset frequency mismatch between interest rate indices for SAP and the securities. As of the end of the most recent collection period, all trust student loans are indexed to either 91-day T-bill or one month LIBOR and all notes are indexed to either one month or three months LIBOR.

Payment Structure: Credit enhancement (CE) is provided by excess spread and the class A notes benefit from subordination provided by the class B notes. All transactions are releasing excess cash as the parity of 101% is maintained for 2004-2 and the specified overcollateralization amount of the greater of 2.25% of the pool balance and $1,070,000 is maintained for 2015-1. Liquidity support is provided by a reserve accounts sized at $1.1 million, and $303,814 for 2004-2 and 2015-1, respectively.

Operational Capabilities: Day-to-day servicing is provided by Nelnet, Inc., which Fitch believes to be an acceptable servicer of student loans due to its long servicing history.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

'AAAsf'-rated tranches of most FFELP securitizations will likely move in tandem with the U.S. sovereign rating given the strong linkage to the U.S. sovereign, by nature of the reinsurance provided by ED. Aside from the U.S. sovereign rating, defaults, basis risk and loan extension risk account for the majority of the risk embedded in FFELP student loan transactions.

This section provides insight into the model-implied sensitivities the transactions face when one assumption is modified, while holding others equal. Fitch conducts credit and maturity stress sensitivity analysis by increasing or decreasing key assumptions by 25% and 50% over the base case. The credit stress sensitivity is viewed by stressing both the base case default rate and the basis spread. The maturity stress sensitivity is viewed by stressing remaining term, IBR usage and prepayments. The results below should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors and should not be used as an indicator of possible future performance.

Fitch has revised its global economic outlook forecasts as a result of the war in Ukraine and related economic sanctions. Downside risks have increased highlighted in the special report, 'What a Stagflation Scenario Would Mean for Global Structured Finance', an assessment of the potential rating and asset performance impact of a plausible, albeit worse than expected, adverse stagflation scenario. Fitch expects the FFELP student loan ABS sector, under this scenario, to experience mild to modest asset performance deterioration, indicating some Outlook changes (between 5% and 20% of outstanding ratings). Asset performance under this adverse scenario is expected to be more modest than the most severe sensitivity scenario below. The severity and duration of the macroeconomic disruption is uncertain, but is balanced by a strong labor market and the build-up of household savings during the pandemic, which will provide support in the near term to households faced with falling real incomes.

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Current Rating: Class A-3 'Asf', Class A-4 'Bsf'; Class A-5 and Class B 'CCCsf'.

Credit Stress Rating Sensitivity

Default increase 25%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf';

Default increase 50%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf';

Basis Spread increase 0.25%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf';

Basis Spread increase 0.5%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A-3 'Asf', class A-4 'CCCsf', class A-5 'CCCsf'; class B 'CCCsf';

CPR decrease 50%: class A-3 'Asf', class A-4 'CCCsf', class A-5 'CCCsf'; class B 'CCCsf';

IBR Usage increase 25%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf';

IBR Usage increase 50%: class A-3 'Asf', class A-4 'Bsf', class A-5 'CCCsf'; class B 'CCCsf';

Remaining Term increase 25%: class A-3 'Asf', class A-4 'CCCsf', class A-5 'CCCsf'; class B 'CCCsf';

Remaining Term increase 50%: class A-3 'Asf', class A-4 'CCCsf', class A-5 'CCCsf'; class B 'CCCsf'.

Access Funding 2015-1 LLC

Current Rating: - Class A - 'AAAsf'; Class B - 'AAsf'

Credit Stress Rating Sensitivity

Default increase 25%: class A 'Asf'; class B 'Asf';

Default increase 50%: class A 'Asf'; class B 'Asf';

Basis Spread increase 0.25%: class A 'AAsf'; class B 'AAsf';

Basis Spread increase 0.5%: class A 'AAsf'; class B 'AAsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'AAAsf'; class B 'AAsf';

CPR decrease 50%: class A 'AAAsf'; class B 'AAsf';

IBR Usage increase 25%: class A 'AAAsf'; class B 'AAsf';

IBR Usage increase 50%: class A 'AAAsf'; class B 'AAsf';

Remaining Term increase 25%: class A 'AAAsf'; class B 'AAsf';

Remaining Term increase 50%: class A 'AAAsf'. class B 'AAsf'.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Credit Stress Rating Sensitivity

Default decrease 25%: class A-3 'AAAsf', class A-4 'AAAsf', class A-5 'CCCsf'; class B 'CCCsf';

Basis Spread decrease 0.25%: class A-3 'AAAsf', class A-4 'AAAsf', class A-5 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

CPR increase 25%: class A-3 'AAAsf', class A-4 'Asf', class A-5 'CCCsf'; class B 'CCCsf';

IBR Usage decrease 25%: class A-3 'AAAsf', class A-4 'BBBsf', class A-5 'CCCsf'; class B 'CCCsf';

Remaining Term decrease 25%: class A-3 'AAAsf', class A-4 'AAAsf', class A-5 'CCCsf'; class B 'CCCsf'.

Access Funding 2015-1 LLC

Class A is rated 'AAAsf' and is at its highest attainable rating. Results shown below is for class B

Credit Stress Rating Sensitivity

Default decrease 25%: class B 'AAAsf';

Basis Spread decrease 0.25%: class B 'AAAsf'.

Maturity Stress Rating Sensitivity

CPR increase 25%: class B 'AAAsf';

IBR Usage decrease 25%: class B 'AAAsf';

Remaining Term decrease 25%: class B 'AAAsf'.

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

CRITERIA VARIATION

The rating of 'Asf' for class A-3 is more than one category lower than the lowest model implied rating of 'AAAsf'. As noted in the FFELP criteria, if the final ratings are different from the model results by more than one rating category, it would constitute a criteria variation. The rating reflects a potential slowdown in the payment rate from current macroeconomic stresses. Had Fitch not apply this variation, the notes could have been rated 'AAAsf'.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria (pub. 20 Sep 2021)

Global Structured Finance Rating Criteria (pub. 26 Oct 2021) (including rating assumption sensitivity)

U.S. Federal Family Education Loan Program Student Loan ABS Rating Criteria (pub. 21 May 2022) (including rating assumption sensitivity)

Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 30 Jul 2022)

Structured Finance and Covered Bonds Counterparty Rating Criteria: Derivative Addendum (pub. 01 Aug 2022)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

FFELP SL CF Model, v2.19.3 (1)

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

Access Funding 2015-1 LLC 	EU Endorsed, UK Endorsed
Access Group, Inc. - Federal Student Loan Notes, Series 2004-2 	EU Endorsed, UK Endorsed

(C) 2022 Electronic News Publishing, source ENP Newswire