NEW YORK (Standard&Poor's) June 19, 2014--Standard&Poor's Ratings Services today assigned its ratings to New Jersey Higher Education Student Assistance Authority's (HESAA) $220 million student loan revenue bonds series 2014-1 (see list). The bond issuance is an asset-backed securities transaction backed by private fixed and variable interest rate student loans made under New Jersey HESAA's New Jersey College Loan to Assist State Students (NJCLASS) loan program. The ratings reflect: The availability of approximately 17.7%-17.8% (based on 'AA (sf)' stressed break-even cash flow scenarios) and 13.2%-13.8% (based on 'A (sf)' stressed break-even cash flow scenarios) credit support, including excess spread, which provides coverage for the stressed credit losses. We believe the credit support corresponds with the assigned 'AA
