OVERVIEW -- The transaction is an ABS securitization of private student loans made under New Jersey Higher Education Student Assistance Authority's NJCLASS loan program. -- We are assigning our 'AA' rating to the 2009 series A bonds. -- The 'AA' rating reflects our opinion of the transaction's expected initial parity and the loan pool's credit quality, as well as our cash flow modeling scenarios. NEW YORK (Standard&Poor's) June 24, 2009--Standard&Poor's Ratings Services today assigned its 'AA' rating to New Jersey Higher Education Student Assistance Authority's (the Authority's) $450 million tax-exempt fixed-rate student loan revenue bonds 2009 series A. The rating is based on: -- The transaction's initial parity of approximately 103.85% at closing (parity equals the
