NEW YORK (Standard & Poor's) Oct. 27, 2005--Standard & Poor's Ratings Services today assigned its ratings to North Carolina State Education Assistance Authority's $506.3 million student loan revenue bonds series 2005-A. The ratings are based primarily on a financial guarantee insurance policy issued by Ambac Assurance Corp. ('AAA' insurer financial enhancement rating) that guarantees payment of principal and interest on the bonds and on various liquidity providers supporting the put period (see list). The bonds are to be used to refund previous bonds; finance the purchase of eligible student loans, including private student loans; fund an additional deposit to the reserve fund; and pay the costs of issuance. This is the first issuance of this general resolution. The North Carolina
