S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on Pennsylvania Higher Education Assistance Agency (PHEAA). At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on PHEAA's series 2012 capital acquisition refunding bonds. The outlook is stable. The ICR reflects our view of PHEAA's: Dominant position in student lending; Status as one of only four companies with a servicer contract awarded by the U.S. Department of Education; and Large-balance Federal Family Education Loan Program (FFELP) portfolio, expected to generate low-risk cash flows for the next two decades. The above strengths are offset by our opinion of these weaknesses: The agency's exposure to minimal balance of $34.355 million of unsecured consumer student loans, which is mitigated by
