NEW YORK (Standard & Poor's CreditWire) June 6, 2000 -- Standard & Poor's assigned its triple-'A' rating to Vermont Student Assistance Corp.'s (VSAC) US$195.5 million education loan revenue bonds series 2000P through 2000U (see list). The ratings are based on an unconditional, irrevocable municipal bond insurance policy that guarantees payment of scheduled principal and interest provided by Ambac Assurance Corp. (Ambac; triple-'A' insurer financial strength rating). Although the rating is dependent on Standard & Poor's rating of Ambac's insurer financial strength, the underlying transaction is of investment-grade quality, as illustrated by the following: -- Overcollateralization that opens at 101% and builds to 103% before the expected peak loss period; -- Structural features that restrict proprietary school and alternative loan originations,
