Fitch Ratings has affirmed the ratings of all classes of Navient Student Loan Trust (Navient) 2014-2, 2014-3, 2014-4, 2014-5, 2014-6, and 2014-7.

The Rating Outlooks for all classes remain Stable.

RATING ACTIONS

Entity / Debt

Rating

Prior

Navient Student Loan Trust 2014-2

A 63938GAA7

LT

AAAsf

Affirmed

AAAsf

B 63938GAB5

LT

AAAsf

Affirmed

AAAsf

Navient Student Loan Trust 2014-3

A 63938JAA1

LT

AAAsf

Affirmed

AAAsf

B 63938JAB9

LT

AAAsf

Affirmed

AAAsf

Navient Student Loan Trust 2014-4

A 63938QAA5

LT

AAAsf

Affirmed

AAAsf

B 63938QAB3

LT

AAAsf

Affirmed

AAAsf

Navient Student Loan Trust 2014-5

Page

of 2

VIEW ADDITIONAL RATING DETAILS

Navient 2014-2 and 2014-6: The notes pass credit and maturity stresses in cashflow modeling up to 'Asf' due to a particular interest shortfall of low magnitude on one monthly payment date in cashflow modeling that is repaid on the following payment date. Fitch has deemed this shortfall as immaterial. The class A and B notes have been affirmed at 'AAAsf' due to stable collateral performance with sufficient hard credit enhancement (CE) and low maturity risk as legal final maturities are in 2083, in line with Fitch's expectations since the last review.

Navient 2014-3: The affirmation of the notes reflects the stable collateral performance for the transaction, in line with Fitch's expectations since the last review. The class A notes pass all credit and maturity stress, and the class B notes pass all maturity stresses and credit stresses up to 'AAsf' with low maturity risk and sufficient hard credit enhancement CE. The transaction had a one-time liquidity constraint in cashflow modeling that Fitch deemed immaterial. The model-implied rating is within one rating category of the current rating, as permitted by Fitch's Federal Family Education Loan Program (FFELP) rating criteria.

Navient 2014-4: The notes pass credit and maturity stresses in cashflow modeling up to 'BBBsf' due to a particular interest shortfall of low magnitude on one monthly payment date in cashflow modeling that is repaid on the following payment date. Fitch has deemed this shortfall as immaterial. The class A and B notes have been affirmed at 'AAAsf' due to stable collateral performance with sufficient hard credit enhancement (CE) and low maturity risk as legal final maturities are in 2083, in line with Fitch's expectations since the last review.

Navient 2014-5: The notes pass all credit and maturity stresses in cashflow modeling with sufficient hard CE. The affirmations reflect the stable collateral performance of the notes, in line with Fitch's expectations since the last review.

Navient 2014-7: The class A and B notes pass credit and maturity stresses in cashflow modeling up to 'Asf' and 'BBBsf', respectively, due to a particular interest shortfall of low magnitude on one monthly payment date in cashflow modeling that is repaid on the following payment date. Fitch has deemed this shortfall as immaterial. The class A and B notes have been affirmed at 'AAAsf' due to stable collateral performance with sufficient hard credit enhancement (CE) and low maturity risk as legal final maturities are in 2083, in line with Fitch's expectations since the last review.

The Outlooks on all outstanding notes remain Stable.

The sustainable constant default rate (sCDR) assumption was increased to 5.00% from 4.50% for Navient 2014-2 as the trend in defaults has increased.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% 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: For all transactions, Fitch applies the standard default timing curve in its credit stress cash flow analysis. Additionally, consolidation from the Public Service Loan Forgiveness Program drove the short-term inflation of CPR, but levels have or are expected to fall to levels consistent with current sustainable constant prepayment rates (sCPR; voluntary and involuntary prepayments). The claim reject rate is assumed to be 0.25% in the base case and 2.00% in the 'AAA' case.

Navient 2014-2: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 41.50% under the base case scenario and a default rate of 100.00% under the 'AAA' credit stress scenario, with an effective default rate of 97.89% after applying the default curve, as per criteria. Fitch is revising the sustainable constant default rate (sCDR) upwards to 5.00% from 4.50% and maintaining the sCPR of 7.50% in cash flow modeling. Defaults have returned to pre-pandemic levels. The trailing-12-month (TTM) levels of deferment, forbearance, and income-based repayment (IBR; prior to adjustment) are 3.64% (3.48% at March 31, 2022), 15.88% (14.11%) and 20.02% (20.57%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 days past due (DPD) and the 91-120 DPD have increased from one year ago and are currently 5.53% for 31 DPD and 2.22% for 91 DPD compared to 4.17% and 1.38% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.11%, based on information provided by the sponsor.

Navient 2014-3: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 36.75% under the base case scenario and a default rate of 97.14% under the 'AAA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR of 4.00% and the sCPR of 6.00% in cash flow modeling. Defaults are increasing, but to levels in line with expectations and the current sCDR. The TTM levels of deferment, forbearance, and IBR are 4.32% (4.35% at March 31, 2022), 15.31% (14.44%) and 20.34% (20.61%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have decreased from one year ago and are currently 3.79% for 31 DPD and 1.41% for 91 DPD compared to 4.29% and 1.66% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Navient 2014-4: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 33.00% under the base case scenario and a default rate of 86.39% under the 'AAA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR of 4.00% and the sCPR of 7.50% in cash flow modeling. Defaults are increasing, but to levels in line with expectations and the current sCDR. The TTM levels of deferment, forbearance, and IBR are 3.45% (3.60% at March 31, 2022), 16.04% (14.02%) and 20.71% (21.14%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD have increased and the 91-120 DPD have decreased from one year ago and are currently 4.44% for 31 DPD and 1.09% for 91 DPD compared to 3.76% and 1.41% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Navient 2014-5: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 32.50% under the base case scenario and a default rate of 84.80% under the 'AAA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR of 4.00% and the sCPR of 7.50% in cash flow modeling. Defaults are increasing, but to levels in line with expectations and the current sCDR. The TTM levels of deferment, forbearance, and IBR are 4.32% (3.75% at March 31, 2022), 15.08% (13.38%) and 19.44% (20.64%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD have decreased and the 91-120 DPD have increased from one year ago and are currently 3.29% for 31 DPD and 1.20% for 91 DPD compared to 4.31% and 1.09% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.14%, based on information provided by the sponsor.

Navient 2014-6: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 32.50% under the base case scenario and a default rate of 85.04% under the 'AAA' credit stress scenario. After applying the default timing curve per criteria, the effective default rate is unchanged from the cumulative default rate. Fitch is maintaining the sCDR of 4.00% and the sCPR of 7.50% in cash flow modeling. Defaults are increasing, but to levels in line with expectations and the current sCDR. The TTM levels of deferment, forbearance, and IBR are 3.24% (3.24% at March 31, 2022), 15.54% (14.54%) and 19.79% (21.11%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD have increased and the 91-120 DPD have decreased from one year ago and are currently 6.11% for 31 DPD and 0.51% for 91 DPD compared to 4.39% and 1.41% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.15%, based on information provided by the sponsor.

Navient 2014-7: Based on transaction-specific performance to date, Fitch assumes a cumulative default rate of 35.75% under the base case scenario and a default rate of 95.05% under the 'AAA' credit stress scenario, with an effective default rate of 95.04% after applying the default curve, as per criteria. Fitch is maintaining the sCDR of 4.00% and the sCPR of 6.00% in cash flow modeling. Defaults are increasing, but to levels in line with expectations and the current sCDR. The TTM levels of deferment, forbearance, and IBR are 3.90% (3.73% at March 31, 2022), 14.49% (13.81%) and 20.57% (21.37%).

These assumptions are used as the starting point in cash flow modelling and subsequent declines or increases are modelled as per criteria. The 31-60 DPD and the 91-120 DPD have increased from one year ago and are currently 5.14% for 31 DPD and 1.47% for 91 DPD compared to 4.28% and 1.03% at March 31, 2022 for 31 DPD and 91 DPD, respectively. The borrower benefit is approximately 0.13%, based on information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for these transactions arises from any rate and reset frequency mismatch between interest rate indices for Special Allowance Payments (SAP) and the securities. As of February 2023, 92.74%, 93.18%, 94.76%, 95.87%, 94.75% and 94.58% of the student loans in Navient 2014-2 through 2014-7, respectively, are indexed to LIBOR, and the balance of the loans is indexed to the 91-day T-bill rate. All the notes in the six transactions are indexed to one-month LIBOR. Fitch applies its standard basis and interest rate stresses to the transactions as per criteria.

Payment Structure: CE is provided by over-collateralization (OC), excess spread and for the class A notes, subordination. As of February 2023, the senior parity ratios (including the reserve account) are 112.43% (11.06% CE), 111.69% (10.46% CE), 112.15% (10.83% CE), 112.30% (10.95% CE), 111.90% (10.64% CE) and 111.60% (10.39% CE) for Navient 2014-2 through 2014-7, respectively. The total parity ratios (including the reserve account) are 104.71% (4.50% CE) for all six transactions. Liquidity support is provided by a reserve account currently sized at 0.25% of the outstanding pool balance.

As of February 2023, the reserve account is at $266,277.24, $292,652.11, $275,750.15, $162,297.83, $167,196.88 and $177,778.85 for Navient 2014-2 through 2014-7, respectively. Navient 2014-2, 2014-3, 2014-4, 2014-5, and 2014-7 will continue to release cash as long as the target OC amount of 4.50% (with a floor of $2.75 million), or a total parity ratio of 104.71%, is maintained. Navient 2014-6 will release cash once the target OC amount of 4.50% (with a floor of $2.75 million), or a total parity ratio of 104.71% is reached.

Operational Capabilities: Day-to-day servicing is provided by Navient Solutions, LLC. Fitch believes Navient to be an adequate servicer, due to its extensive track record as one of the largest servicers of FFELP loans.

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 the Department of Education. 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 transaction faces 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 transactions are exposed to multiple dynamic risk factors and should not be used as an indicator of possible future performance.

Navient Student Loan Trust 2014-2

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'Asf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'Asf' (Credit Stress) / 'AAsf' (Maturity Stress)

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 'Asf'; class B 'Asf';

Basis spread increase 0.50%: class A 'Asf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

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

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

IBR usage increase 25%: class A 'Asf'; class B 'Asf';

IBR usage increase 50%: class A 'Asf'; class B 'Asf';

Remaining term increase 25%: class A 'Asf'; class B 'Asf';

Remaining term increase 50%: class A 'Asf'; class B 'Asf'.

Navient Student Loan Trust 2014-3

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'AAAsf' (Credit and Maturity Stress); class B 'AAsf' (Credit Stress) / 'AAAsf' (Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'AAAsf'; class B 'AAsf';

Default increase 50%: class A 'AAAsf'; class B 'AAsf';

Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAsf';

Basis spread increase 0.50%: class A 'AAsf'; class B 'AAsf'.

Maturity Stress Rating Sensitivity

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

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

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'Asf'; class B 'Asf';

Remaining term increase 25%: class A 'Asf'; class B 'Asf';

Remaining term increase 50%: class A 'Asf'; class B 'Asf'.

Navient Student Loan Trust 2014-4

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'BBBsf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'BBBsf' (Credit Stress) / 'AAsf' (Maturity Stress)

Credit Stress Rating Sensitivity

Default increase 25%: class A 'BBBsf'; class B 'BBsf';

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

Basis spread increase 0.25%: class A 'BBBsf'; class B 'BBsf';

Basis spread increase 0.50%: class A 'BBBsf'; class B 'BBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'Asf'; class B 'Asf';

CPR decrease 50%: class A 'BBBsf'; class B 'BBBsf';

IBR usage increase 25%: class A 'AAsf'; class B 'Asf';

IBR usage increase 50%: class A 'Asf'; class B 'Asf';

Remaining term increase 25%: class A 'Asf'; class B 'Asf';

Remaining term increase 50%: class A 'Asf'; class B 'Asf'.

Navient Student Loan Trust 2014-5

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'AAAsf' (Credit and Maturity Stress); class B 'AAAsf'(Credit and Maturiy Stress)

Credit Stress Rating Sensitivity

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

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

Basis spread increase 0.25%: class A 'AAAsf'; class B 'AAAsf';

Basis spread increase 0.50%: class A 'AAAsf'; class B 'AAAsf'.

Maturity Stress Rating Sensitivity

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

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

IBR usage increase 25%: class A 'AAAsf'; class B 'AAAsf';

IBR usage increase 50%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'AAsf'; class B 'AAsf'.

Navient Student Loan Trust 2014-6

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'Asf' (Credit Stress) / 'AAsf' (Maturity Stress); class B 'Asf' (Credit Stress) / 'AAsf' (Maturity Stress)

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 'Asf'; class B 'Asf';

Basis spread increase 0.50%: class A 'Asf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

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

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

IBR usage increase 25%: class A 'AAsf'; class B 'AAsf';

IBR usage increase 50%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 25%: class A 'AAsf'; class B 'AAsf';

Remaining term increase 50%: class A 'AAsf'; class B 'Asf'.

Navient Student Loan Trust 2014-7

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'Asf' (Credit and Maturity Stress); class B 'BBBsf'(Credit Stress) / 'Asf' (Maturiy Stress)

Credit Stress Rating Sensitivity

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

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

Basis spread increase 0.25%: class A 'BBBsf'; class B 'BBBsf';

Basis spread increase 0.50%: class A 'BBBsf'; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

CPR decrease 25%: class A 'Asf'; class B 'Asf';

CPR decrease 50%: class A 'Asf'; class B 'Asf';

IBR usage increase 25%: class A 'Asf'; class B 'Asf';

IBR usage increase 50%: class A 'BBBsf'; class B 'BBBsf';

Remaining term increase 25%: class A 'Asf'; class B 'BBBsf';

Remaining term increase 50%: class A 'BBBsf'; class B 'BBBsf'.

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

Navient Student Loan Trust 2014-2

Credit Stress Sensitivity

Default decrease 25%: class A 'AAsf'; class B 'Asf'

Basis Spread decrease 0.25%: class A 'Asf'; class B 'Asf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAsf'; class B 'AAsf'

IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Navient Student Loan Trust 2014-3

Credit Stress Sensitivity

Default decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAAsf'; class B 'AAAsf'

IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Navient Student Loan Trust 2014-4

Credit Stress Sensitivity

Default decrease 25%: class A 'BBBsf'; class B 'BBBsf'

Basis Spread decrease 0.25%: class A 'BBBsf'; class B 'BBBsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAAsf'; class B 'AAAsf'

IBR usage decrease 25%: class A 'AAsf'; class B 'AAsf'

Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Navient Student Loan Trust 2014-5

Credit Stress Sensitivity

Default decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'AAAsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAAsf'; class B 'AAAsf'

IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Navient Student Loan Trust 2014-6

Credit Stress Sensitivity

Default decrease 25%: class A 'AAsf'; class B 'Asf'

Basis Spread decrease 0.25%: class A 'Asf'; class B 'Asf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAsf'; class B 'Asf'

IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'

Navient Student Loan Trust 2014-7

Credit Stress Sensitivity

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

Basis Spread decrease 0.25%: class A 'Asf'; class B 'BBBsf'

Maturity Stress Sensitivity

CPR increase 25%: class A 'AAsf'; class B 'AAsf'

IBR usage decrease 25%: class A 'AAAsf'; class B 'AAsf'

Remaining Term decrease 25%: class A 'AAAsf'; 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 ratings of 'AAAsf' for the class A and B notes of Navient 2014-2, 2014-4, 2014-6, and 2014-7 are more than one category higher than the lowest model-implied rating of either 'Asf' or 'BBBsf'. Per Fitch's 'U.S. Federal Family Education Loan Program Student Loan ABS Rating Criteria', if the final ratings are different from the model results by more than one category, it would constitute a criteria variation.

Downgrades are not warranted due to a temporary interest shortfall of low magnitude that is paid back in the following period along with low maturity risk with legal final maturities in 2083 for all transactions. Had Fitch not applied this variation, according to Fitch's FFELP criteria, the notes of Navient 2014-2,2014-4, 2014-6, 2014-7 could not 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

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