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Rating Action:

MOODY'S RATES ALASKA STUDENT LOAN CORPORATION'S STUDENT LOAN DEAL

01 Apr 2004
MOODY'S RATES ALASKA STUDENT LOAN CORPORATION'S STUDENT LOAN DEAL

Approximately $75.14 Million of Asset-Backed Securities Rated.

New York, April 01, 2004 -- Moody's Investors Service assigned long term ratings of Aaa to 2004 Series A Capital Project Revenue Bonds issued by the Alaska Student Loan Corporation (the Corporation).

Moody's said that the ratings are based on a financial guaranty insurance policy provided by MBIA Insurance Company (MBIA), which is rated Aaa for its claims paying ability. The non-cancelable financial guarantee insurance policy guarantees timely payments of interest and ultimate payments of principal to investors. Other contributing factors include the capital reserve account in the amount of 10% of the initial bond balance and a $10 million equity contribution from the Corporation, which resulted in a starting parity of 120.6%.

Bond proceeds will be used to by the State of Alaska for capital project expenditures, to fund the capital reserve fund and to pay for the cost of issuance of this series. The indentures assets are composed of a pool of private consolidation student loans and cash transferred from another indenture (dated as of June 1, 2002).

BOND DETAILS

Fixed rate interest on the bonds of various maturity dates will be paid on every July 1 and January 1. Stated final maturities occur every six months, beginning with the July 1, 2004 payment date and the final payment date on July 1, 2018. The bonds were issued from a new indenture dated as of February 1, 2004. No additional bonds are expected to be issued from this indenture.

The complete rating action is as follows:

Issuer: Alaska Student Loan Corporation

$75,140,000 2004 Series A Capital Project Revenue Bonds, rated Aaa

ALASKA STUDENT LOAN PROGRAM

The underlying loans are non-federally guaranteed student loans originated under the Alaska Supplemental Loan Program. Therefore, the loans will not benefit from any federal government subsidies or guarantees.

Although the Corporation's underwriting criteria for consolidation loans requires that the borrowers have made at least eighteen timely payments on the loans prior to their consolidation, the pool is fairly unseasoned. Therefore, it can experience higher cumulative defaults than similar pools of Federal Family Education Loan Program (FFELP) consolidation loans. Because the loans are not dischargeable in bankruptcy, recoveries may include the ability of the servicer to seize a resident's Permanent Dividend Fund payment and wage garnishment. Each October, residents of Alaska are entitled to receive payments from the state related to its collection of oil and gas royalties for the year.

ISSUER AND SERVICER

Alaska Student Loan Corporation is a public corporation and governmental instrumentality within the Department of Education and Early Development of the State of Alaska. It is, however, a separate legal entity from the state of Alaska. The Corporation was created in 1987.

Additional research is available on www.moodys.com.

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

New York
Swasi Bate
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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