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Presale: Brazos Education Loan Authority Inc. (Series 2021-1)

Rationale The preliminary rating assigned to Brazos Education Loan Authority Inc.'s (BELA) $649.0 million taxable student loan backed series 2021-1 notes reflect: The transaction's expected initial senior parity of approximately 105.6%. The senior parity is defined as the percentage of total assets (including accrued interest not expected to be capitalized) divided by the balance of the class A notes. The transaction's expected initial total parity of approximately 103.6%. The total parity is defined as the percentage of total assets (including accrued interest not expected to be capitalized) divided by the total note balance. The approximate 1.9% class B note subordination available for the class A notes. Subordination is defined as the class B note balance divided by the total note

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