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 preliminary rating to the class A notes. The preliminary rating reflects our view of the transaction's senior parity, U.S. federal government's reinsurance, scenario analysis, and the transaction's payment and legal structures, among other factors. NEW YORK (Standard&Poor's) Nov. 14, 2012--Standard&Poor's Ratings Services today assigned its preliminary rating to Vermont Student Assistance Corp.'s $755.0 million student loan asset-backed notes series 2012-1 class A notes (see list). The note issuance is an asset-backed securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. The
