Non-profit public corporation Vermont Student Assistance Corp. is planning to sell a $770.5 million deal called Student Loan Asset-Backed Notes, Series 2012-1, a taxable Libor floating rate transaction. The offering is divided into a $755 million class A and a $15.5 million class B.
Expected ratings for the class A are 'AA+ (sf)' from Standard & Poor's and 'AAAsf' for Fitch Ratings. S&P did not rate the class B while Fitch rated it 'Asf'.
The pool of student loans comprises FFELP loans and a small percentage of health education assistance loans originated under the Public Health Service Act of 1944, rights the corporation has under certain agreements, a debt service reserve fund, an acquisition fund and the other moneys and investments pledged to the Trustee under the Indenture.
Other transactions this week from the consumer ABS side include the Ford Credit Auto Owner Trust 2012-D, which priced today. The deal is backed by new and used automobile, light-truck, and utility vehicle retail contracts bought by Ford Motor Credit Co. from dealers and serviced by the auto firm, Fitch said.
AmeriCredit Finacial Services also priced a transaction today called AmeriCredit Automobile Receivables Trust 2012-5. The offering is backed by new and used automobile, light-truck, and utility vehicle loans originated and serviced by AmeriCredit, a wholly owned subsidiary of General Motors Financial Co. GM Financial is the captive finance subsidiary of General Motors Co.