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Presale: Navient Private Education Refi Loan Trust 2021-A

The preliminary rating assigned to Navient Private Education Refi Loan Trust 2021-A's (Navient 2021-A's) private education loan-backed senior class A notes reflects our view of: The approximately 18.4%-19.1% credit support available based on our 'AAA' stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 7.4x-7.6x our base case net loss of 2.25% in the 'AAA' stressed break-even cash flow scenario (see the Expected Default Rate and Break-Even Cash Flow Results sections below). Our base-case default rate assumption of 3.00%, which we increased from 2.75% assumed for Navient refi loan pools in transactions issued prior to the COVID-19 pandemic, to account for the uncertain COVID-19 macroeconomic environment that student loan borrowers will be exposed to (see the