OVERVIEW Pennsylvania Higher Education Assistance Agency's series 2009-2 issuance is a securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. We assigned our 'AAA' ratings to the class A-1 and A-2 notes. The ratings reflect our view of the transaction's initial parity, the U.S. federal government's reinsurance, and our stress assumptions and cash flow modeling scenarios. NEW YORK (Standard&Poor's) Dec. 30, 2009--Standard&Poor's Ratings Services today assigned its ratings to Pennsylvania Higher Education Assistance Agency's $268.8 million class A-1 and A-2 floating-rate student loan asset-backed notes series 2009-2 (see list). The ratings reflect our view of: The transaction's initial parity of approximately 104.4% (the parity percentage is defined as the
