Rating Action: Moody’s assigns provisional ratings to CommonBond Student Loan Trust 2021-A-GSGlobal Credit Research – 05 Mar 2021New York, March 05, 2021 — Moody’s Investors Service, (“Moody’s”) has assigned provisional ratings of (P)Aaa (sf) to Class A and (P)Aa3 (sf) to Class B notes to be issued by CommonBond Student Loan Trust 2021-A-GS (CBSLT 2021-A-GS). The collateral underlying the transaction consists of loans originated by CommonBond Lending, LLC. These loans that are not guaranteed by the US government will be acquired by the trust on deal closing date. Nelnet Servicing, LLC will be the servicer. Our cumulative net loss expectation for CBSLT 2021-A-GS’s loan pool is approximately 1.50%Moody’s issues provisional ratings in advance of the final sale of securities. Upon a conclusive review of the final documentation, Moody’s will endeavor to assign final ratings to the securities. Final ratings may differ from provisional ratings.The complete rating actions are as follows:Issuer: CommonBond Student Loan Trust 2021-A-GS$163,200,000 Private Credit Student Loan Backed Class A Notes, Assigned (P)Aaa (sf)$13,120,000 Private Credit Student Loan Backed Class B Notes, Assigned (P)Aa3 (sf)The Notes will be sold in a privately negotiated transaction without registration under the Securities Act of 1933 (the Act) under circumstances reasonably designed to preclude a distribution thereof in violation of the Act. The issuance has been designed to permit resale under Rule 144A.RATINGS RATIONALEThe provisional ratings assigned to the Class A are based on (1) the expected initial overcollateralization (including subordination from Class B Notes) of 8.36% of the initial aggregate pool balance, (2) Class A reserve accounts that are required to be funded at the greater of 0.25% of the outstanding note balance and 0.15% of the initial balance of Class A, (3) gross excess spread, which we expect to range from 1.50% to 3.0% per year, a structural feature that will retain all excess spread to build overcollateralization to a target level of 8.75% for Class A, with a floor of approximately $2.67 million for Class A notes, (4) a Class B rate cap that can limit the amount of interest paid to Class B Notes, and (5) structural features that retain all excess spread in the transaction after the balance of defaulted loans exceeds 2.75% of the original pool balance on or prior to the April 2025 distribution date and 4.0% thereafter, the rolling six-month average of loans in deferment and forbearance in the past six months as a percentage of the then-current pool balance in the past six months exceeds 7.5% or the pool balance declines below 10% of the original pool balance.The provisional rating assigned to the Class B Notes is based on (1) the expected initial overcollateralization of 0.99% of the initial aggregate pool balance, (2) Class B liquidity account that is required to be funded at the greater of 0.25% of the outstanding note balance and 0.15% of the initial balance of the Class B notes, (3) gross excess spread, which we expect to range from 1.50% to 3.0% per year, a structural feature that will retain all excess spread to build overcollateralization to a target level of 5.25% for Class B, with a floor of approximately $1.34 million for Class B notes, and (4) structural features that retain all excess spread in the transaction after the balance of defaulted loans exceeds 2.75% the original pool balance on or prior to the April 2025 distribution date and 4.0% thereafter, the rolling six-month average of loans in deferment and forbearance in the past six months as a percentage of the then-current pool balance in the past six months exceeds 7.5% or the pool balance declines below 10% of the original pool balance.The COVID-19 outbreak, the government measures put in place to contain it, and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has considered the effect on the performance of consumer assets from the current weak US economic activity and a gradual recovery for the coming months. Specifically for private student loan ABS, performance will weaken due to the unprecedented spike in the unemployment rate, which may limit borrowers’ income and their ability to service debt. Furthermore, borrower assistance programs to affected borrowers, such as forbearance, may adversely impact scheduled cash flows to bondholders. Although an economic recovery is underway, it is tenuous and its continuation will be closely tied to containment of the virus. As a result, the degree of uncertainty around our forecasts is unusually high.We regard the COVID-19 outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.The ratings also consider high social risk attributable to the debt burden of student loans and the affordability of education in the US. Potential regulatory or legislative changes could impact funds available to the trust.PRINCIPAL METHODOLOGYThe principal methodology used in these ratings was “Moody’s Approach to Rating US Private Student Loan-Backed Securities” published in November 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1248885. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the ratings:UpMoody’s could upgrade the ratings on the Class B notes if net losses are lower than Moody’s expects.DownMoody’s could downgrade the ratings of the notes if net losses are higher than Moody’s expects, if the usage of borrower relief programs is substantially higher than anticipated, or if the servicer’s financial stability or quality of servicing deteriorates.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_1267647.In rating this transaction, Moody’s used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.Moody’s quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Joao Daher, CFA Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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