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 preliminary 'AA+ (sf)' rating to the class A notes. The preliminary '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. 2, 2012--Standard&Poor's Ratings Services today assigned its preliminary 'AA+ (sf)' rating to North Carolina State Education Assistance Authority's $402.0 million student loan-backed notes 2012-1 series. The note issuance is an asset-backed securities transaction backed by student loans that
