OVERVIEW Vermont Student Assistance Corp.'s issuance is an ABS securitization backed by private fixed-rate student loans to be originated under Vermont Student Assistance Corp.'s loan programs. We assigned our preliminary 'A (sf)' rating to the series 2012A notes. The preliminary 'A (sf)' rating reflects our view of the transaction's credit support, initial parity, principal and interest payments, and origination fees, among other factors. NEW YORK (Standard&Poor's) June 26, 2012--Standard&Poor's Ratings Services today assigned its preliminary 'A (sf)' rating to Vermont Student Assistance Corp.'s (VSAC's) $21.19 million education loan revenue bonds senior series 2012A (tax exempt fixed-rate bonds) (see list). The note issuance is an asset-backed securitization backed by private fixed-rate student loans to be originated under
