OVERVIEW North Carolina State Education Assistance Authority's series 2012-1 issuance is an ABS securitization backed by student loans that are at least 97% federally reinsured by the U.S. federal government. We assigned our 'AA+ (sf)' rating to the class A notes. The 'AA+ (sf)' rating reflects our view of the transaction's initial expected parity and the federal government's reinsurance of at least 97% of the loan's principal and interest, among other factors. NEW YORK (Standard&Poor's) Aug. 23, 2012--Standard&Poor's Ratings Services today assigned its 'AA+ (sf)' rating to North Carolina State Education Assistance Authority's $600.0 million student loan-backed notes series 2012-1. The note issuance is an asset-backed securities transaction backed by student loans that are at least
