Two Ratings Raised, Two Affirmed From Two Pennsylvania Higher Education Assistance Agency Transactions

OVERVIEW We raised our ratings on the class A-2 and B notes from the Pennsylvania Higher Education Assistance Agency 2005 transaction. At the same time, we affirmed our ratings on the class A-3 and B notes from the Pennsylvania Higher Education Assistance Agency 2006-2 transaction. The upgrades reflect our view that the transaction's increased credit enhancement level is sufficient to support a higher rating. The affirmations reflect our view of the stable or improving credit enhancement levels, collateral profiles, and available liquidity are sufficient to support the current ratings. The rating actions also reflect our view that the transactions have sufficient liquidity to cover interest payments to the notes over the next several months, despite the impact from the COVID-19

...OVERVIEW + We raised our ratings on the class A-2 and B notes from the Pennsylvania Higher Education Assistance Agency 2005 transaction. At the same time, we affirmed our ratings on the class A-3 and B notes from the Pennsylvania Higher Education Assistance Agency 2006-2 transaction. + The upgrades reflect our view that the transaction's increased credit enhancement level is sufficient to support a higher rating. + The affirmations reflect our view of the stable or improving credit enhancement levels, collateral profiles, and available liquidity are sufficient to support the current ratings. + The rating actions also reflect our view that the transactions have sufficient liquidity to cover interest payments to the notes over the next several months, despite the impact from the COVID-19 pandemic. NEW YORK (S&P Global Ratings) Aug. 17, 2020--S&P Global Ratings today raised its ratings on two classes of notes from Pennsylvania Higher Education Assistance Agency (PHEAA) series 2005 and affirmed...

Ratings Action