The preliminary 'A (sf)' ratings assigned to South Carolina Student Loan Corp.'s (SCSLC's) taxable student loan revenue bonds senior series 2020A reflect our view of: The availability of approximately 33.5%-35.4% credit support for the 2020A bonds, based on our 'A' stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 2.6x-2.7x of our base case net loss in the 'A' stressed break-even cash flow scenarios (see the S&P Global Ratings' Expected Cumulative Default Rate and Break-Even Cash Flow Results sections below); The transaction's approximately 132.3% expected initial senior bond parity at closing. The senior parity percentage is defined as the aggregate value of the trust assets (excluding arbitrage liability amounts, which have not yet been deposited into