OVERVIEW North Carolina State Education Assistance Authority's 2011-1 series note issuance is a securitization of Federal Family Education Loan Program student loans consisting of a combination of consolidation, Stafford, PLUS, and SLS loans. We assigned our 'AAA (sf)' ratings to the series 2011-1 notes. The ratings reflect our view of the transaction's initial expected parity, federal reinsurance of at least 97% of the loan's principal and interest, as well as our stress scenarios, among other factors. NEW YORK (Standard&Poor's) March 8, 2011--Standard&Poor's Ratings Services today assigned its 'AAA (sf)' ratings to North Carolina State Education Assistance Authority's $445 million student loan-backed notes 2011-1 series (see list). The ratings reflect our assessment of: The transaction's initial expected
