NEW YORK (Standard&Poor's) Aug. 8, 2006--Standard&Poor's Ratings Services today assigned its ratings to North Carolina State Education Assistance Authority's $570 million guaranteed student loan revenue bonds 2006 series Q and R (see list). The ratings on the senior 2006 series Q-1 through Q-4 and R-1 and R-2 bonds (2006 senior bonds) reflect the subordination of 1.2% of the 2006 series Q-sub bonds, the fully funded 3% reserve account, and the excess spread. The rating on the subordinate 2006 series Q-sub bonds (2006 subordinate bonds) reflects the fully funded 3% reserve account and the excess spread. The reserve fund has a floor of $500,000 that provides additional credit support as the pool amortizes. The ratings are further
