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I AGREE
Rating Action:

MOODY'S INVESTORS SERVICE ASSIGNED LONG TERM PUBLIC RATINGS OF Aaa TO THE EDUCATION LOAN REVENUE BONDS, ISSUE E, SERIES 2004A, 2004B, 2004C AND 2004D AUCTION RATE CERTIFICATES, ISSUED BY MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY.

29 Dec 2004
MOODY'S INVESTORS SERVICE ASSIGNED LONG TERM PUBLIC RATINGS OF Aaa TO THE EDUCATION LOAN REVENUE BONDS, ISSUE E, SERIES 2004A, 2004B, 2004C AND 2004D AUCTION RATE CERTIFICATES, ISSUED BY MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY.

$145 Million of Asset Backed Securities rated

New York, December 29, 2004 -- Moody's Investors Service assigned long term public ratings of Aaa to the Education Loan Revenue Bonds, Issue E, Series 2004A, 2004B, 2004C and 2004D Auction Rate Certificates, issued by Massachusetts Educational Financing Authority. The complete rating actions are as follows:

Issuer: Massachusetts Educational Financing Authority (MEFA)

$65,000,000 Series 2004 A Auction Rate Certificates, rated Aaa

$40,000,000 Series 2004 B Auction Rate Certificates, rated Aaa

$20,000,000 Series 2004 C Auction Rate Certificates, rated Aaa

$20,000,000 Series 2004 D Auction Rate Certificates, rated Aaa

The Series 2004 Auction Rate Certificates (ARC's) were issued pursuant to MEFA's Issue E General Resolution, dated May 1, 1992 (as amended and restated as of February 6, 2003) and as supplemented by a Series Resolution dated November 15, 2004 (the "Issue E General Resolution). The rating of the bonds is based on the unconditional and irrevocable financial guaranty insurance policy issued by Aaa-rated Ambac Assurance Corporation (AMBAC) which provides for timely payment of interest on each scheduled interest payment date and timely payment of principal on each scheduled maturity date.

In addition, Moody's has assigned long term public ratings of Aaa to the following series of bonds which were previously issued under the same Issue E General Resolution: Series 2001A, Series 2001B, Series 2001C, Series 2001D, Series 2002A, Series 2002B, Series 2002C, Series 2002D, Series 2002E, Series 2003A, Series 2003B, Series 2003C, Series 2003D, and Series 2003E. Furthermore, Moody's has confirmed that the outstanding Aaa ratings on the Series 1994A, Series 1994B, Series 1995B, Series 1996B, Series 1996C, Series 1997B, and Series 1999A bonds, previously issued under the same Issue E General Resolution, will not be reduced or withdrawn as a result of the issuance of the Series 2004 Bonds. The Aaa public ratings assigned and/or confirmed are based on each of the financial guaranty insurance policies issued by Ambac Assurance Corporation.

Moody's believes that the risk to AMBAC in insuring the bonds is investment grade at closing, based on the transaction's structure; the liquidity provided by the debt service reserve fund; the overcollateralization at closing; and the available excess spread.

Effie Michailidis, assistant vice president at Moody's, said that several factors were considered by Moody's in assessing the risk to AMBAC of insuring the transaction, including the following: (i) the MEFA loan program's significant performance history dating back to the 1980's; (ii) the static pool cumulative defaults of the various bond issues; (iii) the strong underwriting standards applied in originating the various private loan programs; and (iv) the various restrictions incorporated in the documents which limits the type of programs that may be purchased into the trust estate with bond proceeds.

ALTERNATIVE STUDENT LOANS WITHOUT FEDERAL GUARANTEE

The Series 2004 bonds are secured on parity with bonds previously issued under the Issue E General Resolution. As of August 31, 2004, the Issue E trust assets included approximately $438 million of student loans. Of these approximately 90% were alternative student loans and approximately 10% were federally guaranteed loans made under the Federal Family Education Loan Program (FFELP). The alterantive loans are not guaranteed or reinsured under the FFELP or any other federal or private guarantee program. Approximately 78% of the alternative loans are from undergraduate students (the majority of which are co-signed) and 22% are made to graduate students. The proceeds from the issuance of the Series 2004 bonds, net of certain expenses and redemptions, will be deposited in the acquisition account and will be available to purchase alternative and FFELP student loans into the trust estate until the end of the acquisition period.

THE ISSUER

Massachusetts Educational Financing Authority, is a body politic and corporate constituting a public instrumentality of The Commonwealth of Massachusetts. The Authority was created by the state legislature in 1982 at the request of Massachusetts colleges and universities. MEFA is a self-financing, not-for-profit state authority dedicated to assisting students, parents, colleges and universities in meeting the challenges of financing higher education.

A New Issue Report will be available on http://www.moodys.com

New York
Linda Stesney
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Effie Michailidis
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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