Two Ratings Lowered On North Carolina State Education Assistance Authority Series 2015-1; One Placed On Watch 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 and placed our rating on the class A-1 notes on CreditWatch negative. The downgrades reflect the slowed pace in bond principal repayment, and the CreditWatch placement reflects our view that the class A-1 payment is sensitive to the pace of principal repayment because the class matures within the next six years. NEW YORK (S&P Global Ratings) Oct. 23, 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, we placed our rating on the

...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 and placed our rating on the class A-1 notes on CreditWatch negative. + The downgrades reflect the slowed pace in bond principal repayment, and the CreditWatch placement reflects our view that the class A-1 payment is sensitive to the pace of principal repayment because the class matures within the next six years. NEW YORK (S&P Global Ratings) Oct. 23, 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, we placed our rating on the class A-1 notes on 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's) Federal Family Education Loan Program (FFELP)....

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