Fitch Rates North Carolina State Education Assistance Authority Loan Rev Bonds.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch assigns ratings to the following bonds issued by the North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. State Education Assistance Authority (NCSEAA NCSEAA North Carolina State Education Assistance Authority ): Ratings for new issuance: --$85,000,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-1, 'AAA'; --$84,800,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-2, 'AAA'; --$84,800,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-3, 'AAA'; --$84,800,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-4, 'AAA'; --$84,800,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-5, 'AAA'; --$10,000,000 tax-exempt guaranteed student loan revenue bonds, 2007 series S-Sub, 'A'. Ratings confirmed on existing debt: --$86,500,000 tax-exempt guaranteed student loan revenue bonds, 2006 series Q-1, 'AAA'; --$86,500,000 tax-exempt guaranteed student loan revenue bonds, 2006 series Q-2, 'AAA'; --$86,500,000 tax-exempt guaranteed student loan revenue bonds, 2006 series Q-3, 'AAA'; --$86,500,000 tax-exempt guaranteed student loan revenue bonds, 2006 series Q-4, 'AAA'; --$30,000,000 tax-exempt guaranteed student loan revenue bonds, 2006 series Q-Sub, 'A'; --$97,000,000 taxable guaranteed student loan revenue bonds, 2006 series R-1, 'AAA'; --$97,000,000 taxable guaranteed student loan revenue bonds, 2006 series R-2, 'AAA'; --$300,000,000 2005 taxable guaranteed student loan revenue bonds, series P, 'AAA'; --$82,000,000 2004 tax-exempt guaranteed student loan revenue bonds, series O-1 , 'AAA'; --$82,000,000 2004 tax-exempt guaranteed student loan revenue bonds, series O-2 , 'AAA'; --$82,650,000 2004 tax-exempt guaranteed student loan revenue bonds, series O-3, 'AAA'; --$75,000,000 2004 tax-exempt guaranteed student loan revenue bonds, series O-4, 'AAA'; --$75,000,000 2004 tax-exempt guaranteed student loan revenue bonds, series O-5, 'AAA'; --$270,000,000 2003 taxable guaranteed student loan revenue bonds, series N, 'AAA'; --$65,000,000 2003 tax-exempt guaranteed student loan revenue bonds, series M-1, 'AAA'; --$65,000,000 2003 tax-exempt guaranteed student loan revenue bonds, series M-2, 'AAA'; --$70,000,000 2003 tax-exempt guaranteed student loan revenue bonds, series M-3, 'AAA'; --$65,000,000 2002 taxable guaranteed student loan revenue bonds, series L-1, 'AAA'; --$70,000,000 2002 taxable guaranteed student loan revenue bonds, series L-2, 'AAA'; --$60,000,000 2002 tax-exempt guaranteed student loan revenue bonds, series K-1, 'AAA'; --$65,000,000 2002 tax-exempt guaranteed student loan revenue bonds, series K-2, 'AAA'; --$60,000,000 2001 tax-exempt guaranteed student loan revenue bonds, series J, 'AAA'; --$8,438,000 2001 taxable guaranteed student loan revenue bonds, series I LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). , 'AAA'; --$8,438,000 2001 taxable guaranteed student loan revenue bonds, series I CP, 'AAA'; --$120,000,000 1998 taxable guaranteed student loan revenue bonds, series F-1, 'AAA'; --$120,000,000 1998 taxable guaranteed student loan revenue bonds, series F-2, 'AAA'; --$30,000,000 1997 tax-exempt guaranteed student loan revenue bonds, series E, 'AAA'; --$121,900,000 1995 taxable guaranteed student loan revenue bonds, series B, 'AAA'. The ratings are based on the quality of the FFELP FFELP Federal Family Education Loan Program student loan collateral, the credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing within the trust, and the legal structure of the transaction. The ratings reflect the ability of the trust to pay principal at maturity and timely interest. The ratings do not address any carryover amounts that may accrue on the bonds nor do they address the ability of auction bondholders to redeem their bonds at an auction now or in the future. The bonds are being issued pursuant to a general resolution, dated as of Sept. 14, 1995, and a separate series resolution, adopted as of Jul. 20, 2007. Credit enhancement within the trust consists of a reserve fund, overcollateralization, and excess spread. In addition, the senior bonds benefit from 1.38% subordination provided by the subordinated bonds Subordinated bonds Securities that fall after others in priority of claims on the entity in the case of financial distress. . The 2007 series S bonds are tax-exempt, 35-day auction rate securities. Interest is payable semiannually beginning Jan. 2, 2008. The legal final maturity dates for the 2007 series S bonds are July 1, 2037. The collateral securing the bonds consists entirely of FFELP student loans. FFELP loans are guaranteed at least of principal and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. 97% by an eligible guarantor and are re-insured by the U.S. Department of Education (ED). College Foundation, Inc. (CFI CFI abbr. cost, freight, and insurance ) is the servicer for the loans. CFI is a private, not-for-profit corporation A not-for-profit corporation is a corporation created by statute, government or judicial authority that is not intended to provide a profit to the owners or members. A corporation that is organized to provide profits to its owners or members is a for-profit corporation. established under Chapter 55A of the General Statutes of North Carolina for the purpose of assisting North Carolina students in defraying education expenses while attending eligible educational institutions. CFI is an agent and independent contractor A person who contracts to do work for another person according to his or her own processes and methods; the contractor is not subject to another's control except for what is specified in a mutually binding agreement for a specific job. for NCSEAA and serves as the central loan administrator and servicer for the North Carolina Federal Family Education Loan Program The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents. . A political subdivision of the State of North Carolina, NCSEAA is the primary instrumentality Instrumentality Notes issued by a federal agency whose obligations are guaranteed by the full-faith-and-credit of the government, even though the agency's responsibilities are not necessarily those of the US government. for providing a system of financial assistance for post-secondary educational opportunities for both North Carolina's citizens and other students who enroll in institutions within the state. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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