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Rating Action:

MOODY'S RATES FLORIDA EDUCATIONAL LOAN MARKETING CORPORATION STUDENT LOAN DEAL Aaa AND A2.

23 Jan 2004
MOODY'S RATES FLORIDA EDUCATIONAL LOAN MARKETING CORPORATION STUDENT LOAN DEAL Aaa AND A2.

$50 Million Educational Loan Revenue Bonds Rated.

New York, January 23, 2004 -- Moody's Investors Service has assigned ratings of A2 to the Subordinate Series 2003D-2 Educational Loan Revenue Bonds issued by the Florida Educational Loan Marketing Corporation (FELMAC). The bonds have been issued by FELMAC pursuant to a Trust Indenture, dated as of April 1, 1998, as amended and supplemented, and represent a second issuance and delivery under the Series 2003C&D Supplemental Indenture, made as of December 1, 2003.

The complete rating action with respect to the Series 2003C&D Senior and Subordinate Series Bonds is as follows:

$62,500,000 Educational Loan Revenue Bonds, Senior Series 2003C-1, rated Aaa

$62,500,000 Educational Loan Revenue Bonds, Senior Series 2003C-2, rated Aaa

$62,500,000 Educational Loan Revenue Bonds, Senior Series 2003C-3, rated Aaa

$62,500,000 Educational Loan Revenue Bonds, Senior Series 2003C-4, rated Aaa

$50,000,000 Educational Loan Revenue Bonds, Senior Series 2003C-5, rated Aaa

$50,000,000 Educational Loan Revenue Bonds, Subordinate Series 2003D-1, rated A2

$50,000,000 Educational Loan Revenue Bonds, Subordinate Series 2003D-2, rated A2

RATING RATIONALE

Moody's said that the ratings are based on the following factors: (i) the strong quality of the Federal Family Education Loan Program (FFELP) guaranteed student loans underlying the transaction; (ii) a debt service reserve account equal to 0.75% of outstanding bond principal, which may be drawn upon to cover shortfalls in the payment of interest and principal to bondholders; (iii) the potential for the buildup of additional equity over the life of the transaction from the accumulation of excess spread that cannot be released from the trust unless certain parity levels are maintained; and (iv) the approximately 16% subordination provided by the subordinate bonds and junior subordinate bonds.

BOND DETAILS

The Series 2003C&D Senior and Subordinate Series Bonds are being issued as auction rate bonds. Interest rates will be determined by auctions held every 28 days for the Taxable Bonds and 35 days for the Tax-Exempt Bonds.

THE SERVICER

Southwest Student Services Corporation (Southwest), an affiliated corporation, services the majority of the loans. Southwest is a nonprofit corporation that was incorporated in Arizona and has serviced federal student loans since 1992.

For further information please visit http://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
Yuval Lifshitz
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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