Seven Ratings Affirmed, One Placed On CreditWatch Positive From 3 PHEAA ABS Deals Backed By FFELP Loans

OVERVIEW We affirmed our ratings on seven classes from three Pennsylvania Higher Education Assistance Agency trusts backed by FFELP student loans. We also placed our rating on one class on CreditWatch positive. The 'AAA (sf)' affirmations reflect our view that the credit enhancement available in the transaction is able to absorb the 15% haircut to the cash inflows received from the U.S. federal government under the FFEL program under a 'AAA' stress scenario. The remaining senior note rating affirmations reflect our view that the current credit enhancement levels are sufficient to support the ratings. The CreditWatch placement reflects our view that the current credit enhancement level may be sufficient to support a higher rating. NEW YORK (Standard&Poor's) Aug.

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