Interesting...when I got on at C5 and here, both times I requested a copy of the FAA records and just got that single letter. I'll have to take a look at the one at the office and see if it matches.
Dl773, of course no failures is better than having one on your record. Private is a relatively common failure, as is CFI initial. The important thing is to make sure in an airline interview you can explain what happened, and why you learned from it. Failing the private ride as a 50-hour teenager is going to mean less to an airline than failing your ATP ride with quite a bit of time. Just do your best and make sure you feel adequately prepared for every ride you do (and written). Your instructor wouldn't send you if he or she didn't think you were!