Richard Park

Fitch Ratings assigns an 'AA/F1+' rating to North Carolina State Education Assistance Authority's $309,855,000 tax-exempt education loan revenue and refunding bonds senior 2008-2 series (the bonds). The rating is based on the support provided by a direct-pay letter of credit (LOC) issued by Royal Bank of Canada, acting through its New York Branch (the bank), securing the bonds. The bank is obligated to make payments of principal and interest on the bonds upon maturity, acceleration and redemption, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: Oct. 30, 2011, the stated expiration date of the LOC, ... Read Full Story

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