The preliminary ratings assigned to North Carolina State Education Assistance Authority's (NCSEAA's) $69.200 million tax-exempt student loan revenue bonds senior series 2025A reflect our view of: The availability of approximately 28.48%-32.30% credit support for the series 2025A bonds, based on stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 3.0x-3.4x our base-case net loss in the 'A' stressed break-even cash flow scenarios (see the S&P Global Ratings' Expected Cumulative Default Rate and Break-Even Cash Flow Results sections). In the future, NCSEAA may issue additional bonds out of this trust, which may change the credit enhancement available to the bonds. The transaction's approximately 139.02% initial parity (defined as a percentage of the total assets, including outstanding loans
