The preliminary ratings assigned to Navient Private Education Refi Loan Trust 2020-D's (Navient 2020-D's) private education loan-backed senior class A notes reflect our view of: The approximately 16.7%-16.9% credit support available based on our 'AAA' stressed break-even cash flow scenarios which provide coverage of 7.4x-7.5x our base-case net loss rate assumption of 2.25%.