OVERVIEW Vermont Student Assistance Corp.'s issuance is an ABS securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. We assigned our 'AA+ (sf)' rating to the class A notes. The 'AA+ (sf)' rating reflects our view of the transaction's senior parity, the U.S. federal government's reinsurance, the scenario analysis, and the transaction's payment and legal structures, among other factors. NEW YORK (Standard&Poor's) Nov. 28, 2012--Standard&Poor's Ratings Services today assigned its 'AA+ (sf)' rating to Vermont Student Assistance Corp.'s $755.0 million class A student loan asset-backed notes series 2012-1 (see list). The note issuance is an asset-backed securitization backed by student loans that are at least 97% reinsured by the
