Navient will call another $636 million of bonds backed by Federal Family Education Loans that are on review for downgrade by either Moody’s Investor’s Service or Fitch Ratings.

The student loan servicer and securitization sponsor said last Wednesday that it is exercising its call option on notes issued by four securitization trusts: SLMA 2004-6, SLMA 2004-9, SLMA 2005-1, and SLMA 2005-2; the bonds will be repaid on Oct. 26.

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