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Rating Action:

Moody's downgrades ratings of 110 classes of Brazos student loan revenue bonds

19 Feb 2009

Approximately $5 billion of asset-backed securities affected

New York, February 19, 2009 -- Moody's Investors Service has downgraded ratings of 77 classes of senior bonds, 1 senior subordinate bond and 32 classes of subordinate bonds issued from 15 Brazos student loan trusts. Most of the trusts primarily consist of FFELP (i.e. government-guaranteed) student loans and are funded mostly by auction rate securities.

The rating actions are prompted by the increase of funding costs due to the continuing and prolonged dislocation of the auction rate securities market. As most student loan collateral is indexed to the Financial Commercial Paper rate ("CP" rate), trusts that are funded primarily by auction rate securities have suffered significant excess spread compression as the yield on the assets has not increased in tandem with the cost of the liabilities.

In order to evaluate the ratings of the bonds, Moody's compared the deals with similar transactions for which Moody's has cash flow analysis. The criteria applied to the selection of the comparable transactions included current level of collateralization at each rating levels, which is typically measured by total parity (i.e. the ratio of total trust assets to liabilities) and senior parity (i.e. the ratio of total trust assets to senior liabilities); gross excess spread expected to be generated at the failed auction rate; net losses on the private loans if any; and structural protections built into each transaction, such as the floor level for the reserve fund, cash release levels, and the requirement for redemption of subordinate bonds.

Except for Brazos Student Finance Corporation (April 1, 2003 Indenture) and Brazos Student Finance Corporation AB Notes 1998 (new trust indenture), the subordinate bonds from the remaining thirteen trusts were undercollateralized as of September 30, 2008. The undercollateralization ranged from 3.5% to 45% of the outstanding balance of the subordinate bonds. At the failed auction rate, most of the trusts are expected to generate slightly negative to zero gross excess spread per annum. Due to the trusts' inability to build overcollateralization through excess spread, and absent a restructuring of the trust liabilities, it is unlikely that the subordinate bonds from the undercollateralized trusts will be paid off in full by the legal maturity.

The ratings of the senior bonds from two of the trusts were downgraded from Aaa to A3, and the senior bonds ratings of another four trusts were downgraded from Aaa to Baa2, Baa3, Ba1 and Ba3 respectively given that the current level of credit enhancement available including subordination, overcollateralization, reserve and other cash balances, and excess spread, is not able to sustain the "Aaa" cash flow stress.

In addition, the ratings of eight classes of senior bonds from Brazos Higher Education Authority, Inc. (1999 Indenture) were downgraded to Ba3. The eight bonds are guaranteed by MBIA Insurance Corporation whose insurance financial strength rating is B3 with a developing outlook.

According to Moody's policy, securities insured by financial guarantors are rated at the higher of the guarantor's insurance financial strength rating and the underlying rating, which reflects the intrinsic credit quality of the bonds in the absence of the guarantee.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

The complete rating actions are as follows:

Issuer: Academic Finance Corp. 2005 Indenture

Series 2005B-1, Downgraded to Caa2; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade;

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

Senior Ser. 2002A-1(b), Downgraded to A3; previously on 3/15/2002 Assigned Aaa

Senior Ser. 2002A-2, Downgraded to A3; previously on 3/15/2002 Assigned Aaa

Senior Ser. 2002A-3, Downgraded to A3; previously on 3/15/2002 Assigned Aaa

Sr. Ser. 2003A-1, Downgraded to A3; previously on 3/6/2003 Assigned Aaa

Sr. Ser. 2003A-2(c), Downgraded to A3; previously on 3/6/2003 Assigned Aaa

Sr. 2007A-1, Downgraded to A3; previously on 2/21/2007 Assigned Aaa

Sr. 2007A-2, Downgraded to A3; previously on 2/21/2007 Assigned Aaa

Sr. 2007A-3, Downgraded to A3; previously on 2/21/2007 Assigned Aaa

Sr. 2007A-4, Downgraded to A3; previously on 2/21/2007 Assigned Aaa

Sub. 2001B-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

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

Ser. 1999A-11, Downgraded to Baa3; previously on 12/15/1999 Assigned Aaa

Ser. 1999A-12, Downgraded to Baa3; previously on 12/15/1999 Assigned Aaa

Senior Ser. 2001A-6, Downgraded to Baa3; previously on 6/14/2001 Assigned Aaa

Sr Ser. 2003A-3, Downgraded to Baa3; previously on 6/17/2003 Assigned Aaa

Sr Ser. 2003A-5, Downgraded to Baa3; previously on 6/17/2003 Assigned Aaa

2003A-10, Downgraded to Baa3; previously on 10/1/2003 Assigned Aaa

2003A-13, Downgraded to Baa3; previously on 1/9/2004 Assigned Aaa

2003A-15, Downgraded to Baa3; previously on 1/9/2004 Assigned Aaa

2004A-5, Downgraded to Baa3; previously on 3/25/2004 Assigned Aaa

2005A-1, Downgraded to Baa3; previously on 2/7/2005 Assigned Aaa

2005A-2, Downgraded to Baa3; previously on 12/16/2005 Assigned Aaa

2005A-3, Downgraded to Baa3; previously on 12/16/2005 Assigned Aaa

2005A-4, Downgraded to Baa3; previously on 12/16/2005 Assigned Aaa

2005A-5, Downgraded to Baa3; previously on 12/16/2005 Assigned Aaa

2006A-11, Downgraded to Baa3; previously on 12/8/2006 Assigned Aaa

2006A-12, Downgraded to Baa3; previously on 12/8/2006 Assigned Aaa

2006A-13, Downgraded to Baa3; previously on 12/8/2006 Assigned Aaa

2006A-14, Downgraded to Baa3; previously on 12/8/2006 Assigned Aaa

2006A-15, Downgraded to Baa3; previously on 12/8/2006 Assigned Aaa

Class 2007A-5, Downgraded to Baa3/S.G.; previously on 1/7/2008 Assigned Aaa/VMIG 1

Class 2007A-6, Downgraded to Baa3/S.G.; previously on 1/7/2008 Assigned Aaa/VMIG 1

Ser. 1999B-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

Sub. Series 2001B-2, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

2003B-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

2003B-2, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

2004B-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

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

1994A-1, Downgraded to A3; previously on 11/21/1996 Assigned Aaa

1997A-1, Downgraded to A3; previously on 3/27/1997 Assigned Aaa

1998A-2, Downgraded to A3; previously on 1/16/1998 Assigned Aaa

1998A-3 due 02/01/2038, Downgraded to A3; previously on 3/4/1998 Assigned Aaa

1998A-4(c) due 05/01/2009, Downgraded to A3; previously on 3/4/1998 Assigned Aaa

Senior Ser. 2002A-4(c), Downgraded to A3; previously on 6/21/2002 Assigned Aaa

Senior Ser. 2002A-4(d), Downgraded to A3; previously on 6/21/2002 Assigned Aaa

Senior 2002A-10, Downgraded to A3; previously on 12/27/2002 Assigned Aaa

Senior Ser. 2002A-11, Downgraded to A3; previously on 12/27/2002 Assigned Aaa

Senior Ser. 2002A-12, Downgraded to A3; previously on 12/27/2002 Assigned Aaa

2004A-6(c), Downgraded to A3; previously on 4/15/2004 Assigned Aaa

2004A-7, Downgraded to A3; previously on 4/15/2004 Assigned Aaa

2004A-8, Downgraded to A3; previously on 4/15/2004 Assigned Aaa

2004A-9, Downgraded to A3; previously on 4/15/2004 Assigned Aaa

2004A-11, Downgraded to A3; previously on 4/15/2004 Assigned Aaa

2004A-12, Downgraded to A3; previously on 12/31/2004 Assigned Aaa

2004A-13, Downgraded to A3; previously on 12/31/2004 Assigned Aaa

2004A-14, Downgraded to A3; previously on 12/31/2004 Assigned Aaa

2006A-2, Downgraded to A3; previously on 2/21/2006 Assigned Aaa

2006A-7, Downgraded to A3; previously on 12/8/2006 Assigned Aaa

2006A-8, Downgraded to A3; previously on 12/8/2006 Assigned Aaa

2006A-9, Downgraded to A3; previously on 12/8/2006 Assigned Aaa

2006A-10, Downgraded to A3; previously on 12/8/2006 Assigned Aaa

2000B-1, Downgraded to Baa1; previously on 10/20/2000 Upgraded to Aa2

Jr. Sub. 2000C-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

Jr. Sub. 2001C-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

Sub. Ser. 2002C-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

Sub. Ser. 2002C-2, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

2004C-1, Downgraded to Caa3; previously on 10/24/2008 A2 Placed Under Review for Possible

Issuer: Brazos Higher Education Authority, Inc. (1999 Indenture)

1999 A-1(a), Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-1(b), Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-1(c), Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-1(d), Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-3, Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-4, Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-5, Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

1999 A-6, Downgraded to Ba3; previously on 3/15/1999 Assigned Aaa

Financial Guarantor: MBIA Insurance Corporation (B3)

2006A-3, Downgraded to Ba3; previously on 6/26/2006 Assigned Aaa

2006A-4, Downgraded to Ba3; previously on 6/26/2006 Assigned Aaa

2006A-5, Downgraded to Ba3; previously on 6/26/2006 Assigned Aaa

2006A-6, Downgraded to Ba3; previously on 6/26/2006 Assigned Aaa

2006B-1, Downgraded to Ca; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

Issuer: Brazos Student Finance Corp AB Certs 1995 Indenture

2006A-1, Downgraded to Baa1; previously on 12/7/2006 Assigned Aaa

2006A-2, Downgraded to Baa1; previously on 12/7/2006 Assigned Aaa

2006A-3, Downgraded to Baa1; previously on 12/7/2006 Assigned Aaa

2006A-4, Downgraded to Baa1; previously on 12/7/2006 Assigned Aaa

2006A-5, Downgraded to Baa1; previously on 12/7/2006 Assigned Aaa

2006B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

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

1998B-1, Downgraded to Baa3; previously on 4/15/1998 Assigned A2

Sub. Ser. 2001B-1, Downgraded to Baa3; previously on 6/14/2001 Assigned A2

Issuer: Brazos Student Finance Corporation (April 1, 2003 Indenture)

Sub. Ser. 2003B-1, Downgraded to Caa1; previously on 5/9/2003 Assigned A2

Issuer: Brazos Student Finance Corporation (August 1, 2003 Indenture)

2003B-2, Downgraded to Caa2; previously on 10/24/2008 A2 Placed Under Review for Possible

2003B-3, Downgraded to Caa2; previously on 10/24/2008 A2 Placed Under Review for Possible

Issuer: Brazos Student Finance Corporation, Amended and restated 2004 Indenture

2004B-1, Downgraded to Caa2; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2004B-2, Downgraded to Caa2; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

Issuer: Edinvest Company (2003 Indenture)

2003B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2004B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2005B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

Issuer: EFSI (2003 Indenture)

2003B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2004B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2005B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

Issuer: EFSI-CA - 2005 Indenture

2005A-1, Downgraded to Ba1; previously on 9/12/2005 Assigned Aaa

2005A-2, Downgraded to Ba1; previously on 9/12/2005 Assigned Aaa

2005A-3, Downgraded to Ba1; previously on 9/12/2005 Assigned Aaa

2006A-1, Downgraded to Ba1; previously on 8/17/2006 Assigned Aaa

2006A-2, Downgraded to Ba1; previously on 8/17/2006 Assigned Aaa

2006A-3, Downgraded to Ba1; previously on 8/17/2006 Assigned Aaa

2007A-1, Downgraded to Ba1; previously on 11/19/2007 Assigned Aaa

2007B-1, Downgraded to Ca; previously on 10/24/2008 A2 Placed Under Review for Possible Downgrade

Issuer: Federated Student Finance Corporation (2003 Indenture)

2003B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2004B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

2005B-1, Downgraded to Caa3; previously on 3/31/2008 A2 Placed Under Review for Possible Downgrade

Issuer: Trinity Higher Education Authority, Inc.

2004B-1, Downgraded to Caa1; previously on 5/21/2004 Assigned A2

For more information please see www. Moodys.com

New York
Irina Faynzilberg
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's downgrades ratings of 110 classes of Brazos student loan revenue bonds
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