Fitch Confirms NorthStar Student Loan Trust II Series 2012-A; Outlook Stable
The ratings are based on the support provided by a direct-pay letter of credit (LOC) issued by Royal Bank of Canada (rated 'AA/F1+'; Outlook Stable by Fitch) providing full support to the bonds. Royal Bank of Canada 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 LOC, which was set to expire on Sept. 15, 2015, has been extended until Dec. 15, 2015.
Fitch has confirmed the following:
NorthStar Student Loan Trust II, adjustable rate student loan revenue bonds series 2012-A:
--Long- and Short-term ratings at 'AAsf/F1+sf'; Outlook Stable.