Two North Carolina State Education Assistance Authority Series 2015-1 Ratings Lowered; Both CreditWatch Negative

OVERVIEW We reviewed our ratings on North Carolina State Education Assistance Authority's series 2015-1 issuance, a FFELP-backed student loan transaction. We lowered our ratings on the class A-1 and A-2 notes. The class A-1 notes remain on CreditWatch with negative implications and we also placed our rating on the class A-2 notes on CreditWatch with negative implications. The rating actions reflect the slowed pace in bond principal repayment, which is resulting in a lower likelihood that the bonds will be repaid by maturity. NEW YORK (S&P Global Ratings) Dec. 22, 2020--S&P Global Ratings today lowered its ratings on North Carolina State Education Assistance Authority's class A-1 and A-2 notes series 2015-1. At the same time, the class A-1 notes remain

...OVERVIEW + We reviewed our ratings on North Carolina State Education Assistance Authority's series 2015-1 issuance, a FFELP-backed student loan transaction. + We lowered our ratings on the class A-1 and A-2 notes. The class A-1 notes remain on CreditWatch with negative implications and we also placed our rating on the class A-2 notes on CreditWatch with negative implications. + The rating actions reflect the slowed pace in bond principal repayment, which is resulting in a lower likelihood that the bonds will be repaid by maturity. NEW YORK (S&P Global Ratings) Dec. 22, 2020--S&P Global Ratings today lowered its ratings on North Carolina State Education Assistance Authority's class A-1 and A-2 notes series 2015-1. At the same time, the class A-1 notes remain on CreditWatch with negative implications and the class A-2 notes were placed on CreditWatch negative. (See list). The transaction is primarily backed by a pool of student loans originated through the U.S. Department of Education's (ED)...

Ratings Action