Vermont Student Assistance Corp. Series 2012-B Class A-1 Notes Rating Raised To 'AA (sf)'

OVERVIEW Vermont Student Assistance Corp.'s (VSAC's) series 2012-B is backed by a pool of private student loans originated under VSAC's deferred variable-rate Advantage loan program. We raised our rating on the class A-1 notes to 'AA (sf)' and removed it from CreditWatch with positive implications. The upgrade reflects our view that the collateral performance and growth in hard credit enhancement are sufficient to support the higher rating. The upgrade also reflects our belief that the ratings on the senior class A notes can be differentiated, which allows the class A-1 notes to benefit from the payment structure's sequential nature for the life of the transaction. NEW YORK (Standard&Poor's) Feb. 18, 2016--Standard&Poor's Ratings Services today raised its

...OVERVIEW + Vermont Student Assistance Corp.'s (VSAC's) series 2012-B is backed by a pool of private student loans originated under VSAC's deferred variable-rate Advantage loan program. + We raised our rating on the class A-1 notes to '## (sf)' and removed it from CreditWatch with positive implications. + The upgrade reflects our view that the collateral performance and growth in hard credit enhancement are sufficient to support the higher rating. The upgrade also reflects our belief that the ratings on the senior class A notes can be differentiated, which allows the class A-1 notes to benefit from the payment structure's sequential nature for the life of the transaction. NEW YORK (Standard & Poor's) Feb. 18, 2016--Standard & Poor's Ratings Services today raised its rating on the class A-1 notes issued from Vermont Student Assistance Corp.'s (VSAC's) series 2012-B to '## (sf)' from 'A (sf)' and removed it from CreditWatch, where we placed it with positive implications on Nov. 25, 2015. The...

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