OVERVIEW North Carolina State Education Assistance Authority's 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 rating reflects our view of the transaction's initial expected senior parity of 104.39%, the U.S. federal government's reinsurance of at least 97% of the loans' principal and interest, and the timely interest and principal payments made under stressed cash flow modeling scenarios, among other factors. NEW YORK (Standard&Poor's) Jan. 24, 2013--Standard&Poor's Ratings Services today assigned its 'AA+ (sf)' rating to North Carolina State Education Assistance Authority's $540.550 million student loan-backed notes series 2013-1. The note issuance
