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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Academic Finance Corporation (2005 Indenture)
Access Group Inc. - Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-2
Access Group Inc. Federal Student Loan Asset-Backed Notes, (2002 Trust Indenture)
Access Group Inc. Private Student Loan asset-Backed Floating Rate Notes, Series 2005-B
Access Group Inc., Series 2006-1
Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-1
Access Group, Inc. Private Student Loan Asset-Backed Floating Rate Notes, Series 2007-A
Access Group, Inc. Series 2002-A
Access Group, Inc. Series 2004-2
Access Group, Inc. Series 2007-1
Access Group, Inc. Series 2008-1
Access Group, Inc., Federal Student Loan Asset-Backed Notes, Series 2001
Access Group, Inc., Private Student Loan Asset-Backed Floating Rate Notes, Series 2005-A
Access Group, Inc., Private Student Loan Asset-Backed Notes, Series 2004-A
Access Group, Inc., Series 2003-A
Alabama Higher Education Loan Corporation (2006 Indenture)
Alaska Student Loan Corporation (Capital Project Revenue Bonds - 2004 Indenture)
ALL Student Loan Corporation (2010 Indenture)
All Student Loan Corporation, 2005 Indenture ( Access to Loans for Learning Corporation, 2005 Indenture)
All Student Loan Corporation, Series II (Access to Loans For Learning Corporation)
All Student Loan Corporation, Series IV (Access to Loans for Learning Corporation, Series IV)
Arkansas Student Loan Authority (1994 Indenture)
Arkansas Student Loan Authority (2010 Indenture)
Brazos Higher Ed. Authority, Inc. (1993B Indenture)
Brazos Higher Education Authority, Inc. ( 1993 Indenture AC)
Brazos Higher Education Authority, Inc. (1992 Indenture C)
Brazos Higher Education Authority, Inc. (1999 Indenture)
Brazos Higher Education Authority, Inc. (2004 Indenture)
Brazos Student Finance Corp AB Certs 1995 Indenture
Brazos Student Finance Corporation (April 1, 2003 Indenture)
Brazos Student Finance Corporation (August 1, 2003 Indenture)
Brazos Student Finance Corporation AB Notes 1998 (new trust indenture)
Brazos Student Finance Corporation AB Notes 1999 (New Trust Indenture - First Issuance)
Brazos Student Finance Corporation, Amended and restated 2004 Indenture
Brazos Student Finance Corporation, Series 2009-1
Brazos Student Finance Corporation, Series 2010-1
Central Texas Higher Ed. Authority, Inc. (1993 Indenture)
CollegeInvest - formerly Colorado Student Obligation Bond Authority (1993 indenture)
CollegeInvest - formerly Colorado Student Obligation Bond Authority (1999 indenture)
Connecticut Higher Education Supplement Loan Authority (1990 Indenture)
Connecticut Higher Education Supplemental Loan Authority (2003 Indenture)
Edinvest Company (2003 Indenture)
EduCap Inc. (2004 Indenture)
Education Services Foundation 1996-01
Educational Funding of the South, Inc. (1993 Indenture)
Educational Funding of the South, Inc. (2003 Indenture)
Educational Funding of the South, Inc. (2004 Indenture)
EFSI (2003 Indenture)
EFSI-CA - 2005 Indenture
Federated Student Finance Corporation (Amended and Restated Indenture dated August 1, 2010)
Finance Authority of Maine (FAME - 2003 Indenture)
Greater East Texas Higher Education Authority
Greater East Texas Higher Education Authority
Greater East Texas Higher Education Authority, Inc.
Greater Texas Student Loan Corporation, Student Loan Revenue Bonds, 1998A, $35MM
Greater Texas Student Loan Corporation, Student Loan Revenue Bonds, 2000A, B(Taxable)
Higher Education Student Assistance Authority ( State of New Jersey - 2008 Indenture)
Higher Education Student Assistance Authority (State of New Jersey) Student Loan Revenue Bonds (2010-2 Indenture)
Higher Education Student Assistance Authority (State of New Jersey) Student Loan Revenue Bonds, (2010-1 Indenture)
Illinois Student Assistance Commission (2002 Indenture)
Iowa Student Loan Liquidity Corporation (1993 Indenture)
Iowa Student Loan Liquidity Corporation (1995 Indenture)
Iowa Student Loan Liquidity Corporation (2005 Indenture)
Iowa Student Loan Liquidity Corporation (2006 Indenture)
Iowa Student Loan Liquidity Corporation (2009 Indenture)
Iowa Student Loan Liquidity Corporation, 1997
Kentucky Higher Education Student Loan Rev Bonds - 1997
KnowledgeFunding Ohio, Inc. (2005 Indenture)
Knowledgeworks Foundation Student Loan Backed Bonds, Series 2010
Louisiana Public Facilities Authority (1999 Indenture)
Massachusetts Educational Financing Authority - Issue E (1992 Indenture)
Massachusetts Educational Financing Authority - Issue H (2008 Indenture)
Massachusetts Educational Financing Authority (2008 Indenture)
Michigan Higher Education Student Loan Authority (2007 Indenture)
Michigan Higher Education Student Loan Authority (Series XII)
Michigan Higher Education Student Loan Authority (Series XVII)
Minnesota Office of Higher Education (formerly Minnesota Higher Education Service Office - 1999 Indenture)
Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds 2008 Series A (Taxable) and Series B (Tax-Exempt), $100MM
Mississippi Higher Education Assistance Corporation (1993 Indenture)
Mississippi Higher Education Assistance Corporation (1999 Indenture)
Mississippi Higher Education Assistance Corporation (2004 Indenture)
Missouri Higher Education Loan Authority (1988 Indenture)
Missouri Higher Education Loan Authority (1994 Indenture)
Missouri Higher Education Loan Authority (1995 Indenture)
Missouri Higher Education Loan Authority (2005 Indenture)
Montana Higher Education Student Assistance Corporation (1993 Indenture)
New Hampshire Higher Education Loan Corporation/New Hampshire Health and Education Facilities Authority (1997 Indenture)
New Mexico Education Assistance Foundation (2008 Indenture)
New Mexico Educational Assistance Foundation - Education Loan Bonds (2010 Indenture)
New Mexico Educational Assistance Foundation (1998 Indenture)
North Carolina State Education Assistance Authority - Tax-Exempt Student Loan Revenue and Refunding Bonds, 2008-2 Series
North Carolina State Education Assistance Authority (1995 Indenture)
North Carolina State Education Assistance Authority (2005 Indenture)
North Dakota Student Loan Revenue Bonds, Series 1998A and 1998B
North Texas Higher Education Authority, Inc
North Texas Higher Education Authority, Inc. (1991-1 Indenture)
North Texas Higher Education Authority, Inc. (1991-2 Indenture)
North Texas Higher Education Authority, Inc. (1993 Indenture)
North Texas Higher Education Authority, Inc. (2008 Indenture)
NorthStar Education Finance, Inc. (2006 Indenture)
NorthStar Education Finance, Inc. (formerly NorthStar Guarantee Inc., Division B 2000 Indenture)
Oklahoma Student Loan Authority - Senior Variable Rate Demand Obligations, Series 2008IIA-1
Oklahoma Student Loan Authority (1995 Indenture)
Oklahoma Student Loan Authority Oklahoma Student Loan Bonds and Notes Variable Rate Demand Obligations (1996 Indenture)
Panhandle - Plains Higher Education Authority, Inc. (1991 Indenture, Restated 2006)
Panhandle-Plains Higher Education Authority Inc (1993 Indenture)
Panhandle-Plains Higher Education Authority, Inc. - 1993 Restated 2000 Indenture
Panhandle-Plains Student Finance Corporation (2001 Indenture)
Pennsylvania Higher Education Assistance Agency (1997 Indenture)
Pennsylvania Higher Education Assistance Agency (2005 Indenture)
Pennsylvania Higher Education Assistance Agency (2006-1 Indenture)
Pennsylvania Higher Education Assistance Agency (2006-2 Indenture)
Rhode Island Student Loan Authority (1993 Indenture)
Rhode Island Student Loan Authority (1997 Indenture)
Rhode Island Student Loan Authority (2004 Indenture)
Rhode Island Student Loan Authority, RI, Student Loan Program Revenue Bonds, Series 2008B-1 through Series 2008B-5 (Taxable),
South Carolina State Education Assistance Authority (2002 Indenture)
South Carolina Student Loan Corporation (1996 Indenture)
South Carolina Student Loan Corporation (2004 Indenture)
South Carolina Student Loan Corporation (2008 Indenture)
South Texas Higher Education Authority, Inc. (1997 Indenture)
South Texas Higher Education Authority, Inc. (2007 Indenture)
State Board of Regents of the State of Utah (1993 Indenture)
State of North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Revenue and Refunding Bonds, Series 2008-3 A1 and Series 2008-3 A2
State of North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Revenue and Refunding Bonds, Series 2008-5
State of Ohio Student Loan Revenue Bonds (2001 Indenture - Ohio Centric Student Loan Program)
Teri Financial Services, Inc. Series 1999A and 1999B ( 1999 Indenture first issuance)
Trinity Higher Education Authority, Inc. (2004 Indenture)
Utah State Board of Regents (1988 Indenture)
Vermont Student Assistance Corporation
Vermont Student Assistance Corporation ( 2008B Indenture)
Vermont Student Assistance Corporation (1995 Indenture)
Announcement:

MOODY'S UPDATES LIST OF RATINGS RECEIVING THE (sf) INDICATOR

28 Dec 2010

New York, December 28, 2010 -- On August 2, 2010, Moody's began applying an "(sf)" indicator to its new and existing ratings of structured finance instruments.

Moody's has determined that the (sf) indicator should not apply to student loan backed bonds issued by a non-profit or public instrumentality that issues fewer than three classes of debt. As a result, the "sf" indicator is being removed from the outstanding instruments of the deals listed at the end of this update.

This press release also provides a more detailed list of instruments to which Moody's applies the (sf) indicator (the original list was included in the July 14, 2010 press release titled "Moody's Plans to Publish Structured Finance Ratings Indicator").

The (sf) indicator will be used to satisfy the requirements under the European Regulation on Credit Rating Agencies (the "EU Regulation"). In addition, instruments with the (sf) indicator are the type that Moody's believes to be "structured finance instruments" within the meaning of the U.S. Securities and Exchange Commission's Rule 17g-5(a)(3) and (b)(9) ("Amended Rule").

While in most cases Moody's application of the (sf) indicator to an instrument means that Moody's is applying the Amended Rule to that instrument, there may be instances where an instrument with an (sf) indicator will not be subject to the Amended Rule. This is because the Amended Rule applies only to Moody's ratings of structured finance instruments where, among other things, Moody's initiated the rating process on or after June 2, 2010 and cannot rely upon a temporary exemption that the SEC has granted in respect of ratings on structured finance instruments that are issued by non-U.S. persons and offered and sold outside the U.S.

While subject to change, the following is a current list of the key types of instruments to which Moody's applies the (sf) indicator:

1. Asset backed commercial paper (ABCP)

2. Asset backed securities (ABS)

3. Agency MBS excluding agency MBS backed transactions issued by U.S. state and local housing finance agencies

4. Closed-end fund debt or preferred equity of funds that materially invest in structured finance instruments

5. Closed-end fund debt or preferred equity of funds that issue three or more classes of debt

6. Collateralized debt obligations (CDOs)

7. Commercial mortgage backed securities (CMBS)

8. Credit linked notes, repackaged securities, or structured notes of one or more structured finance instruments or with credit tranching

9. Future flow financings

10. Principal protected notes secured by one or more structured finance instruments even if the promise is not based on structured finance instruments

11. Residential mortgage backed securities (RMBS)

12. Structured investment vehicle (SIV) instruments

13. Student Loan Backed Bonds issued by a non-profit or public instrumentality that issue three or more classes of debt

14. U.S. state and local housing finance agencies that issue three or more classes of debt

15. Variable Promise Notes issued on or after August 2, 2010 with non standard sources of variation

16. Whole business securitizations (e.g., instruments backed by restaurant franchise royalties and pub securitizations, etc.)

While subject to change, the following are among the instruments or ratings to which Moody's currently does not apply the (sf) indicator:

1. Closed-end fund debt or preferred equity of funds that do not materially invest in structured finance instruments

2. Closed-end fund debt or preferred equity of funds that issue fewer than three classes of debt

3. Covered bonds

4. Credit linked notes, repackaged securities or structured notes of non-structured finance instruments without credit tranching

5. Credit Tenant Leases with a single beneficial interest in the trust

6. Derivative product company (DPC) ratings

7. Enhanced equipment trust certificates (EETCs)

8. Government enterprises instruments (e.g., instruments of water & sewer authorities, airports, power authorities, U.S. state and local housing finance agencies that issue fewer than three classes of debt, toll road authorities, etc.)

9. Interest only and principal only strips and other pro-rata slices of non structured finance instruments

10. Money market and bond fund ratings

11. Pass through financings of non-structured finance instruments issuing a single interest (e.g., a pass through of 5 corporate bonds)

12. Project and corporate infrastructure financings (e.g., instruments for which the primary source of repayment is revenue generated from the operation of infrastructure assets such as power plants, chemical processing plants, mines, energy, transportation, environment, telecommunications infrastructure, housing projects, etc.)

13. Student loan backed bonds issued by a non-profit or public instrumentality that issues fewer than three classes of debt

Moody's underlying rationale for applying the indicator, established after internal reviews as well as discussions with market participants, is based on the definition of "structured finance instrument" in the EU Regulation, the description of "structured finance" contained in the Amended Rule, and other similar concepts in other legislation and international principles such as Basel II (hereinafter collectively referred to as the "Regulations").

Moody's sought to define "structured finance instrument" as objectively as possible. Our definition is not tied to our ratings criteria, but rather is based on specific language in the Regulations. For instruments that were difficult to categorize we also considered general market practice.

In general, the key principles that we use for determining whether an instrument is included as a structured finance instrument include:

? Payments depend upon the performance of an exposure/pool of exposures.

? The existence of a special purpose entity and whether economic interests are transferred to such special purpose entity.

? The instruments are not obligations of or full or substantially full recourse to the originator/sponsor.

? The presence of securitization tranching. We further interpret "tranching" as contemplated in paragraph 539 of Basel II dealing with traditional securitizations: "The stratified/tranched structures that characterize securitizations differ from ordinary senior/subordinated debt instruments in that junior securitization tranches can absorb losses without interrupting contractual payments to more senior tranches, whereas subordination in a senior/subordinated debt structure is a matter of priority of rights to the proceeds of liquidation".

? The presence of a guarantee or insurance policy either covering losses on the underlying assets or issued bonds typically would not impact the categorization of whether an instrument is a structured finance instrument.

As a result of the many factors that Moody's considers in its definition of a 'structured finance instrument", Moody's may apply the (sf) indicator to some instruments that market participants may not have considered to be structured finance instruments. Conversely, the indicator may not be applied to securities that some market participants may consider to be structured finance instruments.

The "sf" indicator is being removed from the outstanding instruments of the deals listed below:

Academic Finance Corporation (2005 Indenture)

Access Group Inc. - Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-2

Access Group Inc. Federal Student Loan Asset-Backed Notes, (2002 Trust Indenture)

Access Group Inc. Private Student Loan asset-Backed Floating Rate Notes, Series 2005-B

Access Group Inc., Series 2006-1

Access Group, Inc. Federal Student Loan Asset-Backed Floating Rate Notes, Series 2005-1

Access Group, Inc. Private Student Loan Asset-Backed Floating Rate Notes, Series 2007-A

Access Group, Inc. Series 2002-A

Access Group, Inc. Series 2004-2

Access Group, Inc. Series 2007-1

Access Group, Inc. Series 2008-1

Access Group, Inc., Federal Student Loan Asset-Backed Notes, Series 2001

Access Group, Inc., Federal Student Loan Asset-Backed Notes, Series 2001

Access Group, Inc., Private Student Loan Asset-Backed Floating Rate Notes, Series 2005-A

Access Group, Inc., Private Student Loan Asset-Backed Notes, Series 2004-A

Access Group, Inc., Series 2003-A

Alabama Higher Education Loan Corporation (2006 Indenture)

Alaska Student Loan Corporation (Capital Project Revenue Bonds - 2004 Indenture)

ALL Student Loan Corporation (2010 Indenture)

All Student Loan Corporation, 2005 Indenture (formerly Access to Loans for Learning Corporation, 2005 Indenture)

All Student Loan Corporation, Series II (formerly Access to Loans For Learning Corporation)

All Student Loan Corporation, Series IV (formerly Access to Loans for Learning Corporation, Series IV)

Arkansas Student Loan Authority (1994 Indenture)

Arkansas Student Loan Authority (2010 Indenture)

Brazos Higher Ed. Authority, Inc. (1993B Indenture)

Brazos Higher Education Authority, Inc. ( 1993 Indenture AC)

Brazos Higher Education Authority, Inc. (1992 Indenture C)

Brazos Higher Education Authority, Inc. (1999 Indenture)

Brazos Higher Education Authority, Inc. (2004 Indenture)

Brazos Student Finance Corp AB Certs 1995 Indenture

Brazos Student Finance Corporation (April 1, 2003 Indenture)

Brazos Student Finance Corporation (August 1, 2003 Indenture)

Brazos Student Finance Corporation AB Notes 1998 (new trust indenture)

Brazos Student Finance Corporation AB Notes 1999 (New Trust Indenture - First Issuance)

Brazos Student Finance Corporation, Amended and restated 2004 Indenture

Brazos Student Finance Corporation, Series 2009-1

Brazos Student Finance Corporation, Series 2010-1

Central Texas Higher Ed. Authority, Inc. (1993 Indenture)

CollegeInvest - formerly Colorado Student Obligation Bond Authority (1993 indenture)

CollegeInvest - formerly Colorado Student Obligation Bond Authority (1999 indenture)

Connecticut Higher Education Supplement Loan Authority (1990 Indenture)

Connecticut Higher Education Supplemental Loan Authority (2003 Indenture)

Edinvest Company (2003 Indenture)

EduCap Inc. (2004 Indenture)

Education Services Foundation 1996-01

Educational Funding of the South, Inc. (1993 Indenture)

Educational Funding of the South, Inc. (2003 Indenture)

Educational Funding of the South, Inc. (2004 Indenture)

EFSI (2003 Indenture)

EFSI-CA - 2005 Indenture

Federated Student Finance Corporation (Amended and Restated Indenture dated August 1, 2010)

Finance Authority of Maine (FAME - 2003 Indenture)

Greater East Texas Higher Education Authority (1992 Indenture)

Greater East Texas Higher Education Authority (1995 Indenture)

Greater East Texas Higher Education Authority, Inc. (May 1, 1993 Indenture)

Greater Texas Student Loan Corporation, Student Loan Revenue Bonds, 1998A, $35MM

Greater Texas Student Loan Corporation, Student Loan Revenue Bonds, 2000A, B(Taxable)

Higher Education Student Assistance Authority ( State of New Jersey - 2008 Indenture)

Higher Education Student Assistance Authority (State of New Jersey) Student Loan Revenue Bonds, Series 2010-2

Higher Education Student Assistant Authority (State of New Jersey) Student Loan Revenue Bonds, Series 2010-1

Illinois Student Assistance Commission (2002 Indenture)

Iowa Student Loan Liquidity Corporation (1993 Indenture)

Iowa Student Loan Liquidity Corporation (1995 Indenture)

Iowa Student Loan Liquidity Corporation (2005 Indenture)

Iowa Student Loan Liquidity Corporation (2006 Indenture)

Iowa Student Loan Liquidity Corporation (2009 Indenture)

Iowa Student Loan Liquidity Corporation, 1997

Kentucky Higher Education Student Loan Rev Bonds - 1997

KnowledgeFunding Ohio, Inc. (2005 Indenture)

Knowledgeworks Foundation Student Loan Backed Bonds, Series 2010

Louisiana Public Facilities Authority (1999 Indenture)

Massachusetts Educational Financing Authority - Issue E (1992 Indenture)

Massachusetts Educational Financing Authority - Issue H (2008 Indenture)

Massachusetts Educational Financing Authority (2008 Indenture)

Michigan Higher Education Student Loan Authority (2007 Indenture)

Michigan Higher Education Student Loan Authority (Series XII)

Michigan Higher Education Student Loan Authority (Series XVII)

Minnesota Office of Higher Education (formerly Minnesota Higher Education Service Office - 1999 Indenture)

Minnesota Office of Higher Education, Supplemental Student Loan Program Revenue Bonds 2008 Series A (Taxable) and Series B (Tax-Exempt), $100MM

Mississippi Higher Education Assistance Corporation (1993 Indenture)

Mississippi Higher Education Assistance Corporation (1999 Indenture)

Mississippi Higher Education Assistance Corporation (2004 Indenture)

Missouri Higher Education Loan Authority (1988 Indenture)

Missouri Higher Education Loan Authority (1994 Indenture)

Missouri Higher Education Loan Authority (1995 Indenture)

Missouri Higher Education Loan Authority (2005 Indenture)

Montana Higher Education Student Assistance Corporation (1993 Indenture)

New Hampshire Higher Education Loan Corporation/New Hampshire Health and Education Facilities Authority (1997 Indenture)

New Mexico Education Assistance Foundation (2008 Indenture)

New Mexico Educational Assistance Foundation - Education Loan Bonds (2010 Indenture)

New Mexico Educational Assistance Foundation (1998 Indenture)

North Carolina State Education Assistance Authority - Tax-Exempt Student Loan Revenue and Refunding Bonds, 2008-2 Series

North Carolina State Education Assistance Authority (1995 Indenture)

North Carolina State Education Assistance Authority (2005 Indenture)

North Dakota Student Loan Revenue Bonds, Series 1998A and 1998B

North Texas Higher Education Authority, Inc. ( 1987 Indenture)

North Texas Higher Education Authority, Inc. (1991-1 Indenture)

North Texas Higher Education Authority, Inc. (1991-2 Indenture)

North Texas Higher Education Authority, Inc. (1993 Indenture)

North Texas Higher Education Authority, Inc. (2008 Indenture)

NorthStar Education Finance, Inc. (2006 Indenture)

NorthStar Education Finance, Inc. (formerly NorthStar Guarantee Inc., Division B 2000 Indenture)

Oklahoma Student Loan Authority - Senior Variable Rate Demand Obligations, Series 2008IIA-1

Oklahoma Student Loan Authority (1995 Indenture)

Oklahoma Student Loan Authority Oklahoma Student Loan Bonds and Notes Variable Rate Demand Obligations (1996 Indenture)

Panhandle - Plains Higher Education Authority, Inc. (1991 Indenture, Restated 2006)

Panhandle-Plains Higher Education Authority Inc (1993 Indenture)

Panhandle-Plains Higher Education Authority, Inc. - 1993 Restated 2000 Indenture

Panhandle-Plains Student Finance Corporation (2001 Indenture)

Pennsylvania Higher Education Assistance Agency (1997 Indenture)

Pennsylvania Higher Education Assistance Agency (2005 Indenture)

Pennsylvania Higher Education Assistance Agency (2006-1 Indenture)

Pennsylvania Higher Education Assistance Agency (2006-2 Indenture)

Rhode Island Student Loan Authority (1993 Indenture)

Rhode Island Student Loan Authority (1997 Indenture)

Rhode Island Student Loan Authority (2004 Indenture)

Rhode Island Student Loan Authority, RI, Student Loan Program Revenue Bonds, Series 2008B-1 through Series 2008B-5 (Taxable),

South Carolina State Education Assistance Authority (2002 Indenture)

South Carolina Student Loan Corporation (1996 Indenture)

South Carolina Student Loan Corporation (2004 Indenture)

South Carolina Student Loan Corporation (2008 Indenture)

South Texas Higher Education Authority, Inc. (1997 Indenture)

South Texas Higher Education Authority, Inc. (2007 Indenture)

State Board of Regents of the State of Utah (1993 Indenture)

State of North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Revenue and Refunding Bonds, Series 2008-3 A1 and Series 2008-3 A2

State of North Carolina State Education Assistance Authority, Tax-Exempt Student Loan Revenue and Refunding Bonds, Series 2008-5

State of Ohio Student Loan Revenue Bonds (2001 Indenture - Ohio Centric Student Loan Program)

Teri Financial Services, Inc. Series 1999A and 1999B ( 1999 Indenture first issuance)

Trinity Higher Education Authority, Inc. (2004 Indenture)

Utah State Board of Regents (1988 Indenture)

Vermont Student Assistance Corporation ( 2008B Indenture)

Vermont Student Assistance Corporation (1995 Indenture)

Vermont Student Assistance Corporation (2008C Indenture)

New York
Kristen Setevage
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Yuri Yoshizawa
MD - Global Structured Credit
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S UPDATES LIST OF RATINGS RECEIVING THE (sf) INDICATOR
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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