Ratings On Two FFELP Student Loan ABS Transactions Affirmed

OVERVIEW We affirmed our ratings on two classes of notes from two ABS transactions backed by FFELP student loans. The affirmations reflect our view of the transactions' increased credit enhancement levels, collateral profiles, available liquidity, and full turbo payment structures. The rating actions also reflect our view that each transaction has sufficient liquidity to cover interest payments to the bonds over the next several months, despite the impact of the COVID-19 pandemic. NEW YORK (S&P Global Ratings) June 2, 2020--S&P Global Ratings today affirmed its 'AA+ (sf)' ratings on the class A-3 notes from North Carolina State Education Assistance Authority 2011-1 and the class 2013-1 notes from PHEAA Student Loan Trust 2013-1. These transactions are student loan ABS transactions primarily

...OVERVIEW + We affirmed our ratings on two classes of notes from two ABS transactions backed by FFELP student loans. + The affirmations reflect our view of the transactions' increased credit enhancement levels, collateral profiles, available liquidity, and full turbo payment structures. + The rating actions also reflect our view that each transaction has sufficient liquidity to cover interest payments to the bonds over the next several months, despite the impact of the COVID-19 pandemic. NEW YORK (S&P Global Ratings) June 2, 2020--S&P Global Ratings today affirmed its '##+ (sf)' ratings on the class A-3 notes from North Carolina State Education Assistance Authority 2011-1 and the class 2013-1 notes from PHEAA Student Loan Trust 2013-1. These transactions are student loan ABS transactions primarily backed by pools of loans originated through the U.S. Department of Education's (ED's) Federal Family Education Loan Program (FFELP). Our review considered the transactions collateral performance...

Ratings Action