Moody's Investors Service has concluded its ratings review on 31 securitizations of federally guaranteed student loans sponsored by Navient Solutions to account for the slower rate of repayment of the collateral.

In a report published Friday, the rating agency said it downgraded 14 classes of notes by five notches, from ‘AAA’ to ‘A1’, to account for the risk that the notes may not pay off by their stated maturity.

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