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Presale: Educational Funding of The South Inc.
Standard & Poors, October 2007
The preliminary ratings assigned to Educational Funding of The South Inc.'s (the corporation) class A-1 through A-10 student loan-backed senior bonds series 2007-1 reflect the approximately 3.02% subordination of the class B bonds and the previously issued class C bonds series 2003Fl, 2004FL, and 2005FL; the fully funded 0.88% reserve account; and the excess spread. The preliminary rating assigned to the subordinate class B-1 bonds reflects the approximately 1.53% subordination of the previously issued class C bonds series 2003Fl, 2004FL, and 2005FL; the fully funded 0.88% reserve fund; and the excess spread. Additional protection for the noteholders will be provided by asset coverage tests that must be met before excess funds can be released from the trust to the seller....
Companies mentioned in this report are: Educational Funding of the South Inc
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Educational Funding of the South Inc