Fitch Ratings affirms the senior notes at 'AAAsf' issued by South Texas
Higher Education Authority Series 2012-1. The Rating Outlook on the
notes, which is tied to the sovereign rating of the U.S. government,
Fitch used its 'Global Structured Finance Rating Criteria', and 'Rating
U.S. Federal Family Education Loan Program Student Loan ABS' to review
The ratings on the senior notes are affirmed based on the sufficient
level of credit to cover the applicable risk factor stresses. Credit
enhancement for the senior and subordinate notes consists of
overcollateralization and projected minimum excess spread.
Fitch has taken the following rating actions:
South Texas Higher Education Authority Series 2012-1:
--Class A-1 affirmed at 'AAAsf'; Outlook Negative;
--Class A-2 affirmed at 'AAAsf'; Outlook Negative;
--Class A-3 affirmed at 'AAAsf'; Outlook Negative.
Additional information is available at 'www.fitchratings.com'.
The ratings above were solicited by, or on bealf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' dated June 6, 2012;
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS
Criteria' dated April 3, 2012.
Global Structured Finance Rating Criteria
Rating U.S. Federal Family Education Loan Program Student Loan ABS
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
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