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 preliminary 'AA+ (sf)' rating to the class A notes. The preliminary rating reflects our view of the transaction's initial expected senior parity of at least 104.17%, 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. 10, 2013--Standard&Poor's Ratings Services today assigned its preliminary 'AA+ (sf)' rating to North Carolina State Education Assistance Authority's $540.550 million student loan-backed notes
