[January 02, 2013]

Fitch Affirms State of North Carolina State Education Assistance Authority 2011-1 Notes

Fitch Ratings has affirmed the senior student loan notes issued by State of North Carolina State Education Assistance Authority 2011-1 at 'AAAsf.' The Rating Outlooks, which are tied to the sovereign rating of the U.S. government, remain Negative.

Fitch affirms the ratings on the notes based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the notes consists of overcollateralization and projected minimum excess spread.

Fitch used its 'Global Structured Finance Rating Criteria' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (News - Alert) to review the ratings.

Fitch has affirmed the following ratings:

State of North Carolina State Education Assistance Authority 2011-1:

--A-1 at 'AAAsf'; Outlook Negative;

--A-2 at 'AAAsf'; Outlook Negative;

--A-3 at 'AAAsf'; Outlook Negative.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the isuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (April 3, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=679923

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm rpt_id=675202

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. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) 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 THIS SITE.

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