The ratings assigned to Rhode Island Student Loan Authority's (RISLA) student loan program revenue bonds 2008 series C-1, C-2, and C-3 are based on the irrevocable, direct-pay letter of credit (LOC) provided by Dexia Credit Local (A+/Watch Dev/A-1). The ratings apply to the bonds when they are in the weekly interest rate mode (see Structural Overview). The long-term 'A+' ratings reflect the likelihood that principal and interest will be paid to maturity based primarily on Dexia Credit Local's credit support. The short-term 'A-1' ratings reflect the likelihood of repayment based on the liquidity support that the LOC provides for optional and mandatory tenders. The LOC provides coverage for all principal and interest for 198 days at a maximum rate of
