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Wells Fargo & Co. is considering whether to jump-start its shrinking student-lending business by catering to borrowers holding U.S. government loans.

S&P has lowered default expectations for the $300 million of Series 2018-1 transaction, allowing the sponsor to achieve an AAA, up from A on the previous deal; Kroll is not rating the new deal.

The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule’s compliance date.

Underwriting league tables for asset-backed securities for the year through August 9, 2018

Issuance volume of asset-backed securities for the year through August 9, 2018

Proceeds will be used to repay its $1.29 billion whole business securitization completed in 2014; the new transaction will boost leverage to 5.9X from 5.7x.

The $653 million Bellemeade Re 2018-2 is being rated by both Fitch Ratings and Morningstar Credit Ratings, though Fitch sees more risk to the transaction.

Westlake's $800 million offering features increased exposure to loans sourced through a relationship with Ally Bank; CAC's $398 million deal is notable for having less seasoned collateral.

The initial portfolio for the $373.4 million deal consists of 55 engines and a single airframe, which represents 0.3% of the pool; airframes could rise to 10% during the reinvestment period, however.

Rather than set a new date, the trade group will supplement the agenda at a residential mortgage finance symposium to take place in New York in late October.