The preliminary ratings assigned to Kentucky Higher Education Student Loan Corporation's (KHESLC's) $422.640 million student loan asset-backed notes series 2020-1 reflect our view of: The transaction's expected initial class A-1 (senior) parity of approximately 105.65%.The transaction's expected initial total parity of approximately 103.90%. The approximate 1.66% class B note subordination available for the class A-1 notes.