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Presale: Navient Private Education Refi Loan Trust 2020-H

The preliminary rating assigned to Navient Private Education Refi Loan Trust 2020-H's (Navient 2020-H's) private education loan-backed senior class A notes reflects our view of: The approximately 18.0%-19.9% credit support available based on our 'AAA' stressed break-even cash flow scenarios, which provides coverage of 8.0x-8.9x our base-case net loss rate assumption of 2.25% (see the Expected Default Rate and Break-Even Cash Flow Results sections below for more details). Our base-case default rate assumption of 3.00%, which we increased from the 2.75% assumed pre-COVID-19 for Navient refinanced loan pools to account for the uncertain macroeconomic environment that student loan borrowers will be exposed to (see the Credit Analysis section below). Accordingly, our 'AAA' cumulative default rate assumption increased to 15.00% from

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