Two North Carolina State Education Assistance Authority Series 2015-1 Ratings Lowered; Removed From 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. At the same time, we removed them from 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) Jan. 28, 2020--S&P Global Ratings today lowered its ratings on North Carolina State Education Assistance Authority series 2015-1's class A-1 and A-2 notes. At the same time, we removed these notes from CreditWatch with negative implications (see list). The transaction is primarily backed by a pool

...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. + At the same time, we removed them from 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) Jan. 28, 2020--S&P Global Ratings today lowered its ratings on North Carolina State Education Assistance Authority series 2015-1's class A-1 and A-2 notes. At the same time, we removed these notes from CreditWatch with negative implications (see list). The transaction is primarily backed by a pool of student loans originated through the U.S. Department of Education's (ED) Federal Family Education Loan Program (FFELP)....

Ratings Action