The preliminary 'A+ (sf)' rating assigned to Rhode Island Student Loan Authority's (the Authority's) 2012 senior series A student loan program revenue bonds reflects our view of: The availability of approximately 23%-24% credit support, including excess spread (based on stressed cash flow scenarios), which provides coverage for stressed credit losses that are commensurate with the preliminary 'A+ (sf)' rating assigned to the bonds; The transaction's initial parity of approximately 109.53% (defined as a percentage of the total assets, including outstanding loans and funds in the loan acquisition account, the reserve account, and the capitalized interest account to the total outstanding bonds); The credit quality of the loan pool to be originated during the acquisition period expected to be consistent in...
Companies mentioned in this report are:
- Rhode Island Student Loan Auth
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