Sallie Mae plans to issue its first residual student loan ABS deal in over a decade, according to Fitch Ratings.

The ratings agency assigned preliminary ratings of ‘BBB’ on the $225 million 2013-M1 notes that will be backed by the ownership certificates of residual interests in SLM Student Loan Trust 2006-8, 2006-9 and 2007-1 (the underlying trusts). Fitch currently rates the senior and subordinate notes issued from the underlying trusts ‘AAA’ and ‘BBB’, respectively.

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