Seven Ratings Raised, 82 Affirmed On Seven New Jersey Higher Education Student Assistance Authority Series

OVERVIEW We raised our ratings on seven senior bonds maturing on Dec. 1, 2021, from New Jersey Higher Education Student Assistance Authority's 2010-1 Indenture (series 2017-1); 2012-1 Indenture (series 2012-1, 2013-1, 2014-1, 2015-1, and 2016-1); and 2018 Indenture (series 2018B). We also affirmed our ratings on the remaining 82 bonds from New Jersey Higher Education Student Assistance Authority's 2010-1 Indenture (series 2017-1); 2012-1 Indenture (series 2012-1, 2013-1, 2014-1, 2015-1, and 2016-1); and 2018 Indenture (series 2018A, 2018B, and 2018C). The upgrades reflect the bonds' remaining short time to maturities, and HESAA's long securitization history. The affirmations reflect our view of the available credit enhancement relative to the collateral performance to date, as well as the transactions' structural features, available liquidity,

...OVERVIEW + We raised our ratings on seven senior bonds maturing on Dec. 1, 2021, from New Jersey Higher Education Student Assistance Authority's 2010-1 Indenture (series 2017-1); 2012-1 Indenture (series 2012-1, 2013-1, 2014-1, 2015-1, and 2016-1); and 2018 Indenture (series 2018B). + We also affirmed our ratings on the remaining 82 bonds from New Jersey Higher Education Student Assistance Authority's 2010-1 Indenture (series 2017-1); 2012-1 Indenture (series 2012-1, 2013-1, 2014-1, 2015-1, and 2016-1); and 2018 Indenture (series 2018A, 2018B, and 2018C). + The upgrades reflect the bonds' remaining short time to maturities, and HESAA's long securitization history. + The affirmations reflect our view of the available credit enhancement relative to the collateral performance to date, as well as the transactions' structural features, available liquidity, and pool characteristics, among other factors. + The rating actions also reflect our view that each indenture has sufficient liquidity to...

Ratings Action