NEW YORK (Standard & Poor's) Dec. 22, 2005--Standard & Poor's Ratings Services today assigned its ratings to Educational Funding of the South Inc.'s $189.775 million educational loan revenue tax-exempt auction-rate bonds series 2005 (see list). The ratings on the senior series 2005 A-1, A-2, and A-3 bonds reflect approximately 3.8% subordination of the subordinate series 2005 B-1 bonds and the previously issued subordinate series 2004-1 B-1 and B-2 bonds, a debt service reserve fund of 1.0%, a parity requirement for any releases, and excess spread. The rating on the subordinate series 2005 B-1 bonds reflects the debt service reserve fund of 1.0%, a parity requirement for any releases, and excess spread. After issuance of the series 2005 bonds, the overall...
Companies mentioned in this report are: Educational Funding of the South Inc
Action: New Rating
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