OVERVIEW North Carolina State Education Assistance Authority 's 2011-2 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 preliminary 'AAA (sf)' ratings to the series 2011-2 notes. The preliminary 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) May 23, 2011--Standard&Poor's Ratings Services today assigned its preliminary 'AAA (sf)' ratings to North Carolina State Education Assistance Authority's $516 million student loan-backed notes 2011-2 series (see list). The preliminary ratings are based on
