...OVERVIEW + We lowered our ratings on the two outstanding classes from North Carolina State Education Assistance Authority Series 2015-1, a FFELP-backed student loan transaction. + The lowering of the notes reflects a slowed pace in bond principal repayment. NEW YORK (S&P Global Ratings) April 28, 2020--S&P Global Ratings today lowered its ratings on the A-1 and A-2 notes from North Carolina State Education Assistance Authority series 2015-1 (see list). The transaction is primarily backed by a pool of Stafford and Consolidation student loans originated through the U.S. Department of Education's (ED's) Federal Family Education Loan Program (FFELP). Our review primarily considered the transactions' asset/bond payment rate relative to each class' legal final maturity date, expected future collateral performance, payment priorities, and current credit enhancement levels. We also considered the evolving macroeconomic environment that has resulted from the COVID-19 pandemic, which will likely...
