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Rating Action:

Moody's affirms Aaa (sf)/VMIG 1 rating assigned to State Board of Regents of the State of Utah Student Loan Revenue Bonds, Series 1993A

Global Credit Research - 22 Sep 2010

$35 million of debt affected

New York, September 22, 2010 -- Moody's Investors Service has affirmed the rating of Aaa (sf)/VMIG 1 assigned to the $35,000,000 State Board of Regents of the State of Utah Student Loan Revenue Bonds, Series 1993A (the Bonds) in conjunction with the substitution of the current letter of credit securing the Bonds provided by Depfa Bank Plc with a letter of credit to be provided by Royal Bank of Canada.

RATINGS RATIONALE

Upon substitution, the short-term ratings on the Bonds will be based upon the letter of credit provided by Royal Bank of Canada (the Bank); the structure and legal protections of the transaction, which ensures timely payment of debt service and purchase price to bondholders; and Moody's evaluation of the credit quality of the bank issuing the letter of credit.

Moody's currently rates Royal Bank of Canada, Aaa (under review for downgrade) for its long-term obligations and Prime-1 for its short-term obligations.

Interest Rate Modes and Payment

The Bonds will continue to bear interest in a weekly rate mode and interest will be paid on May 1 and November 1 of each year. The Bonds may be converted, in whole, to an intermediate rate mode or a fixed rate mode and are subject to mandatory tender upon conversion. The rating covers Bonds in the weekly rate mode only.

Additional Bonds

The general indenture permits the issuance of additional bonds of a different series and requires that such bonds be issued under a separate Supplemental Indenture with separate accounts and credit facility, if any.

Flow of Funds

The trustee is instructed to draw under the letter of credit for principal or interest on the business day preceding each interest payment date, redemption date, maturity date and concurrently with any acceleration. The trustee is instructed to draw under the letter of credit, by 3:00 p.m. New York time on the business day prior to each purchase date, for purchase price, to the extent remarketing proceeds are insufficient. Bonds which are purchased by the Bank due to a failed remarketing are held by the trustee and will not be released until the trustee has received written confirmation from the Bank stating that the letter of credit has been reinstated in the amount of the purchase price drawn for such Bonds.

Letter Of Credit

The letter of credit is sized for full principal plus two hundred and twenty-five (225) days of interest at the maximum rate applicable to the Bonds (12%) and will provide coverage for Bonds while they bear interest in the weekly rate mode. The letter of credit provided by the Bank is governed by the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) (the ISP98).

Draws On the Letter Of Credit

Conforming draws for principal or interest presented to the Bank at or before 3:00 p.m., New York time, on a business day, will be honored by the Bank on or before 12:00 p.m. on the next business day. Conforming draws for purchase price presented to the Bank at or before 12:00 noon., New York time, on a business day, will be honored by the Bank on or before 3:00 p.m. on the same business day.

Reinstatement of Interest Draws

Draws made under the letter of credit for interest shall be automatically reinstated on the eleventh day following the date of such drawing unless the trustee receives prior written notice stating that an event of default under the reimbursement agreement has occurred or that the letter of credit will not be reinstated and in either case directing redemption of the Bonds. Upon receipt of such notice, the Bonds will be subject to mandatory redemption within 28 days in the case of the trustee's receipt of notice of an event of default under the reimbursement agreement and within 21 days in the case of the trustee's receipt of notice if non-reinstatement.

Reimbursement Agreement Defaults

The Bank may at any time, send written notice to the trustee stating that an event of default under the reimbursement agreement has occurred and directing a mandatory redemption of the Bonds. Upon receipt of such notice, the Bonds will be subject to mandatory redemption no later than 28 days following the trustee's receipt of such notice. The letter of credit will expire the earlier of (i) the Bank's honoring of such a draw and (ii) the business day following the 28th day following the trustee's receipt of notice from the Bank.

Events of Default Related to Payment Under the Indenture

The indenture contains events of default related to default in the payment of the principal of or interest on any Bond or the purchase price of any Bond as the same shall become due and payable. Upon the occurrence of such an event of default, with the request of the owners of not less than one hundred percent (100%) of the senior most class of parity Bonds, the trustee shall proceed to declare the principal amount of all Bonds outstanding together with accrued interest thereon to be immediately due and payable.

Expiration / Termination of the Letter of Credit

The Letter of Credit will expire on the earliest to occur of: (i) September 21, 2011, the stated expiration date of the letter of credit, (ii) the date of the Bank's receipt of a certificate from the trustee stating that either (a) no Bonds remain outstanding, or (b) an effective alternate letter of credit has been issued to replace the letter of credit in accordance with the indenture and accordingly the letter of credit shall terminate upon the Bank's receipt of such certificate, (iii) the earlier of (a) the business day immediately following the Bank's receipt of a certificate from the trustee stating that the Bonds have been converted to a rate mode other than the weekly rate, and (b) the date on which the Bank honors a draw on or after the related conversion date, (iv) the earlier of (a) the date on which the Bank honors a draw in connection with the redemption of the Bonds for an event of default under the reimbursement agreement and (b) the business day following the date that is 28 days from the trustee's receipt of notice from the Bank of an event of default under the reimbursement agreement, and (v) the earlier of (a) the date on which the Bank honors a draw in connection with the redemption of the Bonds for non-reinstatement of the letter of credit and (b) the business day following the date that is 21 days from the trustee's receipt of notice from the Bank of non-reinstatement of the letter of credit.

Substitution

The Bonds will be subject to mandatory tender on fifth business day prior to the effective date of an alternate letter of credit. Draws for purchase price upon the substitution of the letter of credit will be made under the existing letter of credit and the existing letter of credit will not be surrendered to the Bank for cancellation until such tender draw has been honored.

Optional Tenders

Bondholders may optionally tender their Bonds during the weekly mode on any business day with seven days prior written notice to the trustee.

Mandatory Purchases

The Bonds are subject to mandatory tender on the following dates: (i) the fifth business day preceding the expiration or termination of the letter of credit; (ii) the effective date of a substitute letter of credit; and (iii) each conversion date.

Mandatory Redemptions

The Bonds are subject to mandatory redemption (i) upon a determination of taxability, (ii) no later than 28 days following trustee's receipt of notice of event of default under the reimbursement agreement and (iii) no later than 21 days following trustee's receipt of notice that the Bank has not been reimbursed.

Key Contacts

Remarketing Agent: RBC Capital Markets

Trustee: Wells Fargo Bank, N.A.

Methodology

The principal methodology used in rating this issue was Moody's Rating Methodology for Letter of Credit Supported Transactions, published in August 2005 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
William Black
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Pedro Sancholuz Ruda
Associate Analyst
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
USA

Moody's affirms Aaa (sf)/VMIG 1 rating assigned to State Board of Regents of the State of Utah Student Loan Revenue Bonds, Series 1993A
No Related Data.
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