OVERVIEW Pennsylvania Higher Education Assistance Agency's series 2009-1 issuance is an ABS securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. We assigned our preliminary 'AAA' rating to the class A-1 notes. The preliminary 'AAA' rating reflects our view of the transaction's initial parity, the U.S. federal government's reinsurance, and our cash flow modeling scenarios. NEW YORK (Standard&Poor's) Dec. 10, 2009--Standard&Poor's Ratings Services today assigned its preliminary 'AAA' rating to Pennsylvania Higher Education Assistance Agency's $196.2 million class A-1 floating-rate student loan asset-backed notes series 2009-1. The preliminary rating is based on information as of Dec. 10, 2009. Subsequent information may result in the assignment of a final rating
