Fitch to Rate Kentucky Higher Ed Student Loan Corp. SrSeries 2014A; Presale Issued

Fitch believes KHESLC is an suitable servicer for your portfolio.

Sufficient Credit Rating Enhancement (CE): Transaction cashflows were satisfactory beneath all stressed scenarios in Fitch's'A' score category. 1, 2026.

--$1,000,000 A2021 'Asf(EXP)'; Outlook Stable;

As Fitch's base case default proxy can be derived primarily via historical collateral performance, realperformance varies from your expected performance, resulting in higher loss levels than the basecase. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. With Regard To furtherdiscussion in our sensitivity analysis along with Fitch's strain analysis please begin to see the presaletitled 'Kentucky higher Education Student Loan Corporation Senior Series 2014A, dated April 30,2014.--$7,000,000 A2026 'Asf(EXP)'; Outlook Stable;--$1,200,000 A2020 'Asf(EXP)'; Outlook Stable;. Your private student education and learning loansare generally credit score tested and are already or will be originated below your Benefit Loanprogram as described in Appendix A New with the presale report. KHESLC's default collectionexpertise for private school loans will be limited given that the advantage Loan Plan has beeninitiated throughout 2010 as well as at present there are minimal defaults; yet as getting a notpertaining to profit quasi state agency KHESLC features much more collection equipment at itsdisposal as compared to for-profit issuers (see Appendix C). FITCH'S CODE OF CONDUCT,CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE ANDOTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OFCONDUCT' SECTION OF THIS SITE. This will outcome in the decline inside CE as well as remainingloss coverage ranges obtainable to the notes and may make specific note ratings susceptible topotential negative rating actions, depending around the extent of the decline throughout coverage.

Applicable Criteria and also Associated Research:

--$1,000,000 A2023 'Asf(EXP)'; Outlook Stable;

Applicable Criteria along with related Research: Kentucky Degree Student Loan Corporation SeniorSeries2014A (US ABS)http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

--$900,000 A2017 'Asf(EXP)'; Outlook Stable;--'Rating U.S. --$1,200,000 A2018 'Asf(EXP)'; Outlook Stable;Additional details can become obtained in www.fitchratings.com.

--$1,000,000 A2022 'Asf(EXP)'; Outlook Stable;Additional Disclosure--'U.S. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITYOR ITS RELATED THIRD PARTIES. The Particular FFELP loans contain approximately 40% of rehabloans, with guaranties supplied by qualified guarantors as well as reinsurance provided by the U.S.Private Student Loan ABS Criteria', January, 2014;Adequate Collateral Quality: Your senior series 2014A master believe in is likely to be collateralizedthrough consolidation loans originated under the particular Federal Family Members education Loanprogram (FFELP) and also existing along with new fixed-rate private school loans to be originatedfrom offer closing for you to June 1, 2016. Federal Loved Ones Education And Learning Loanprogram Student Loan ABS', Could 2013.

--'Global Structured Finance rating Criteria', May, 2013;

--$1,200,000 A2019 'Asf(EXP)'; Outlook Stable;

Adequate Liquidity Support: Liquidity assistance for that senior series 2014A notes is provided witha $0.649 million reserve fund (3.0% with the first note balance) plus a $0.40 million loan reservefund.ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. INADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLEON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. Federal family Training LoanPlan Student Loan ABS Criteria -- AmendedFitch evaluated your sensitivity of the ratings assigned to KHESLC Senior Series 2014A to elevateddefaults, reduced recoveries and excessive spread over the lifestyle span of the transaction.PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE ATALL TIMES. Department of Training (ED) for at least 97% of principal along with accrued interest.

--$1,500,000 A2024 'Asf(EXP)'; Outlook Stable;Acceptable Servicing Capabilities: KHESLC will service the entire senior series 2014A portfolio. TheActual parity ratio (total assets for you to total liabilities) is anticipated being 136.25% (including thepremium bonds) in closing. Money will probably be released for the issuer if the total parity reaches140% until Dec. Fitch's analysis found that the transaction displays a few sensitivity towards theabove factors, showing the possible downgrade to end up being able to 'BBB-'. DETAILS OF THISSERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTEREDENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCHWEBSITE.

--$2,000,000 A2031 'Asf(EXP)'; Outlook Stable.

RATING DRIVERShttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747121NEW YORK--(BUSINESS WIRE)--Fitch Ratings expects to be able to charge Kentucky higherEducation Student Loan Corporation Senior Series 2014A student loan revenue bonds as follows:--$850,000 A2016 'Asf(EXP)'; Outlook Stable;--$2,800,000 A2028 'Asf(EXP)'; Outlook Stable;

RATING SENSITIVITYRating U.S. CE is supplied by overcollateralization (OC; the extra of the trust's asset balance overbond balance) along with excess spread