Split Ratings: S&P and DBRS have diverged on rating the senior notes in Earnest Student Loan Program 2017-A. While DBRS assigned a preliminary AA (high) rating requested by the issuer to the Class A-1/A-2 notes in the $175.26 million transaction, S&P limited the senior notes to an A rating, citing limited performance history for Earnest Operations loans. The notes are backed by non-guaranteed private student loans issued to borrowers with high FICO credit scores (775) and annual incomes averaging $135,595. The loans are entirely refinancings, issued through Earnest Operations LLC. Goldman Sachs was the lead underwriter.

Private-Label Cards: S&P Global Ratings and DBRS issued preliminary triple-A senior note ratings for the Series 2017-A series of $400 million in notes being issued by World Financial network Credit Card Master Note Trust. The bonds are backed by receivables from small-balance credit-card accounts originated by Comenity Bank through merchant partner agreements.

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