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
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