Introduction
This document describes KBRA’s rating methodology for private student loan asset-backed securities (“PSL ABS”). This includes transactions secured by collateral originated by PSL lenders, including both traditional PSL lenders as well as through online PSL marketplace lending platforms (“MPL Platform”). KBRA’s rating of a PSL ABS transaction incorporates analysis of: the quality and expected performance of the underlying collateral, the business model and operational capabilities of the originator and servicer, and the transaction terms, including capital structure, credit enhancement and legal structure. KBRA assigns ratings to PSL ABS using its short-term and long-term rating scales based on the securities being rated. The methodology aims to develop and maintain credit ratings that perform in accordance with KBRA’s published rating definitions. For more information about KBRA’s rating scale, please see