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Educational Funding Of The South Inc. Notes Assigned Preliminary Ratings Product Image

Educational Funding Of The South Inc. Notes Assigned Preliminary Ratings

  • ID: 1784784
  • November 2007
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Nov. 28, 2007--Standard & Poor's Ratings Services today assigned its preliminary ratings to Educational Funding of The South Inc. 's $1 billion student loan-backed bonds series 2007-2 (see list). The preliminary ratings are based on information as of Nov. 28, 2007. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The approximately 1.0% subordination of the previously issued class B notes; -- The fully funded 1.0% reserve account; 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. At closing,...

Companies mentioned in this report are: Educational Funding of the South Inc
Action: Preliminary Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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