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Related Issuers
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 Notes, Series 2004-A
Access Group, Inc., Series 2003-A
Brazos Student Finance Corporation (August 1, 2003 Indenture)
Brazos Student Finance Corporation, Amended and restated 2004 Indenture
Central Texas Higher Ed. Authority, Inc. (1993 Indenture)
College Loan Corporation Trust 2005-2
College Loan Corporation Trust II (2007 Indenture)
Education Loan Asset-Backed Trust I (2003 Trust Indenture)
GCO Education Loan Funding Master Trust - II
GCO Education Loan Funding Trust - I
Goal Capital Funding Trust 2006-1
Goal Capital Funding Trust 2007-1
Goal Capital Funding Trust, Series 2005-2
Higher Education Funding I (2004 Indenture)
Iowa Student Loan Liquidity Corporation (2005 Indenture)
Iowa Student Loan Liquidity Corporation (2006 Indenture)
Iowa Student Loan Liquidity Corporation, 1997
L2L Education Loan Trust 2006-1 (EduCap Inc.)
National Collegiate Trust 1997-S2
National Collegiate Trust 2000-CP1
New Hampshire Higher Education Loan Corporation/New Hampshire Health and Education Facilities Authority (1997 Indenture)
NorthStar Education Finance, Inc. (2006 Indenture)
Panhandle-Plains Student Finance Corporation (2001 Indenture)
South Texas Higher Education Authority, Inc. (2007 Indenture)
Student Loan ABS Repackaging Trust, Series 2007-1
Trinity Higher Education Authority, Inc. (2004 Indenture)
Announcement:

Moody's reviews ratings of U.S. student loan ABS following new operational risks criteria

14 Apr 2011

Approximately $21 billion of asset-backed securities affected

New York, April 14, 2011 -- Moody's Investors Service has placed on review for possible downgrade the ratings of 209 tranches in 42 U.S. student loan transactions from 13 issuers following its initial assessment of those transactions under the Moody's "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" methodology published on April 13. The methodology now includes the U.S. student loan sector and replaces the "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published on March 1, 2011.

The ratings placed on review for possible downgrade include ratings on 137 tranches from 19 government guaranteed student loan (FFELP) backed transactions and 72 tranches from 23 private student loan backed transactions. The ratings placed on review are mostly Aaa ratings but include also some Aa, A and Baa ratings. For the detailed list of U.S. student loan ABS placed on review due to the new methodology, please use the link below:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243244

RATINGS RATIONALE

The reasons for placing the U.S. student loan ABS ratings on review are the insufficiency of backup arrangements for master servicer, administrator and primary servicing.

As per the new operational guidelines, Moody's has placed on review ratings from FFELP loan backed transactions with non-investment grade rated master servicers or administrators who are also collecting on the underlying loans, when there is no party in place to facilitate a servicing transfer or there is no backup arrangement.

Moody's has also placed on review ratings in private student loan backed transactions with lowly rated master servicers or administrators when there is no backup arrangement in place.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

RATINGS

Complete rating actions are as follows:

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

2005-2-A-1, Aaa Placed Under Review for Possible Downgrade; previously on Oct 28, 2005 Definitive Rating Assigned Aaa

2005-2-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Oct 28, 2005 Definitive Rating Assigned Aaa

2005-2-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Oct 28, 2005 Definitive Rating Assigned Aaa

2005-2-A-4, Aaa Placed Under Review for Possible Downgrade; previously on Oct 28, 2005 Definitive Rating Assigned Aaa

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

Senior Ser. 2002-1 Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on Aug 30, 2002 Assigned Aaa

Senior Ser. 2002-1 Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on Aug 30, 2002 Assigned Aaa

Senior Ser. 2002-1 Cl. A-4, Aaa Placed Under Review for Possible Downgrade; previously on Aug 30, 2002 Assigned Aaa

Senior Ser. 2003-1 Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003-1 Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003-1 Cl. A-4, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003 Cl. A-5, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003-1 Cl. A-6, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

2004-1A-1, Aaa Placed Under Review for Possible Downgrade; previously on May 24, 2004 Assigned Aaa

2004-1A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 24, 2004 Assigned Aaa

2004-1A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 24, 2004 Assigned Aaa

2004-1A-4, Aaa Placed Under Review for Possible Downgrade; previously on May 24, 2004 Assigned Aaa

2004-1A-5, Aaa Placed Under Review for Possible Downgrade; previously on May 24, 2004 Assigned Aaa

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

2005-B Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2005-B Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2005-B Cl. B-2, A3 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A3

Issuer: Access Group Inc., Series 2006-1

2006-1-A-1, Aaa Placed Under Review for Possible Downgrade; previously on Jun 13, 2006 Definitive Rating Assigned Aaa

2006-1-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 13, 2006 Definitive Rating Assigned Aaa

2006-1-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jun 13, 2006 Definitive Rating Assigned Aaa

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

2005-1-A-1, Aaa Placed Under Review for Possible Downgrade; previously on Jun 8, 2005 Definitive Rating Assigned Aaa

2005-1-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 8, 2005 Definitive Rating Assigned Aaa

2005-1-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jun 8, 2005 Definitive Rating Assigned Aaa

2005-1-A-4, Aaa Placed Under Review for Possible Downgrade; previously on Jun 8, 2005 Definitive Rating Assigned Aaa

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

2007-A-A-1, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2007-A-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2007-A-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2007-A-B, A3 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A3

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

Cl. I A-2 Group I, Aaa Placed Under Review for Possible Downgrade; previously on Aug 2, 2001 Assigned Aaa

Cl. II A-1 Group II, Aaa Placed Under Review for Possible Downgrade; previously on Aug 2, 2001 Assigned Aaa

Cl. B, A3 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A3

Issuer: Access Group, Inc. Series 2002-A

Senior Ser. 2002-A Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on Aug 30, 2002 Assigned Aaa

Subordinate 2002-A Cl. B, A2 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A2

Issuer: Access Group, Inc. Series 2004-2

2004-2-A-1, Aaa Placed Under Review for Possible Downgrade; previously on Nov 2, 2004 Assigned Aaa

2004-2-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Nov 2, 2004 Assigned Aaa

2004-2-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Nov 2, 2004 Assigned Aaa

2004-2-A-4, Aaa Placed Under Review for Possible Downgrade; previously on Nov 2, 2004 Assigned Aaa

2004-2-A-5, Aaa Placed Under Review for Possible Downgrade; previously on Nov 2, 2004 Assigned Aaa

Issuer: Access Group, Inc. Series 2007-1

2007-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jul 5, 2007 Definitive Rating Assigned Aaa

2007-A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jul 5, 2007 Definitive Rating Assigned Aaa

2007-A-4, Aaa Placed Under Review for Possible Downgrade; previously on Jul 5, 2007 Definitive Rating Assigned Aaa

2007-A-5, Aaa Placed Under Review for Possible Downgrade; previously on Jul 5, 2007 Definitive Rating Assigned Aaa

2007-B, Aa1 Placed Under Review for Possible Downgrade; previously on Jul 5, 2007 Definitive Rating Assigned Aa1

Issuer: Access Group, Inc. Series 2008-1

2008-1 Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on Aug 11, 2008 Definitive Rating Assigned Aaa

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

2005-A-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Confirmed at Aaa

2005-A-A-3, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 30, 2009 Downgraded to Aa1

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

A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 11, 2004 Assigned Aaa

A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 11, 2004 Assigned Aaa

A-4, Aaa Placed Under Review for Possible Downgrade; previously on May 11, 2004 Assigned Aaa

B-1, A3 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A3

B-2, A3 Placed Under Review for Possible Downgrade; previously on Feb 24, 2011 Upgraded to A3

Issuer: Access Group, Inc., Series 2003-A

Senior Ser. 2003-A Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003-A Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003-A Cl A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

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

Senior Ser. 2003A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

Senior Ser. 2003A-4, Aaa Placed Under Review for Possible Downgrade; previously on May 9, 2003 Assigned Aaa

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

A-3, Aaa Placed Under Review for Possible Downgrade; previously on Apr 15, 1998 Assigned Aaa

Issuer: Brazos Student Finance Corporation (Amended and restated 2004 Indenture)

2004A-6, Aaa Placed Under Review for Possible Downgrade; previously on Apr 12, 2004 Assigned Aaa

2004A-7, Aaa Placed Under Review for Possible Downgrade; previously on Apr 12, 2004 Assigned Aaa

2004A-8, Aaa Placed Under Review for Possible Downgrade; previously on Apr 12, 2004 Assigned Aaa

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

2000A, Aaa Placed Under Review for Possible Downgrade; previously on Mar 30, 2000 Assigned Aaa

2002A, Aaa Placed Under Review for Possible Downgrade; previously on Mar 4, 2002 Assigned Aaa

Senior Ser. 2003-A, Aaa Placed Under Review for Possible Downgrade; previously on Feb 18, 2003 Assigned Aaa

2004A, Aaa Placed Under Review for Possible Downgrade; previously on Apr 8, 2004 Assigned Aaa

Issuer: College Loan Corporation Trust 2005-2

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 7, 2005 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 7, 2005 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 7, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: College Loan Corporation Trust II (2007 Indenture)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-7, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-8, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-9, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-11, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-14, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Issuer: Education Loan Asset-Backed Trust I (2003 Trust Indenture)

Senior Ser. 2003-1A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 19, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-7, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Senior Ser. 2003-1A-8, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 7, 2003 Assigned Aaa (sf)

Sr Ser. 03-1A-9, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2003 Assigned Aaa (sf)

Sr Ser. 03-1A10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2003 Assigned Aaa (sf)

Sr Ser. 03-1A11, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2003 Assigned Aaa (sf)

Sr Ser. 03-1A12, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2003 Assigned Aaa (sf)

2003-2A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 25, 2003 Assigned Aaa (sf)

2003-2A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 5, 2003 Assigned Aaa (sf)

2003-2A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 5, 2003 Assigned Aaa (sf)

2003-2A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 14, 2003 Assigned Aaa (sf)

2003-2A-11, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 6, 2003 Assigned Aaa (sf)

2003-2A-8, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 15, 2003 Assigned Aaa (sf)

2003-2A-10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 15, 2003 Assigned Aaa (sf)

2003-2A-13, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 9, 2004 Assigned Aaa (sf)

Issuer: GCO Education Loan Funding Master Trust - II

A-2L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-3L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-1RRN, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-1AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-2AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-3AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

A-4AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 28, 2006 Definitive Rating Assigned Aaa (sf)

2007A-4L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007A-5L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007A-6L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007A-7L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007-A-5AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007-A-6AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

2007-A-7AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 6, 2007 Definitive Rating Assigned Aaa (sf)

Issuer: GCO Education Loan Funding Trust - I

2003-2A-4AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 1, 2003 Assigned Aaa (sf)

2003-2A-5R, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 16, 2003 Assigned Aaa (sf)

2005-A-3L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 16, 2005 Assigned Aaa (sf)

2005-A-6AR, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 16, 2005 Assigned Aaa (sf)

2005-2 A-5L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 7, 2005 Definitive Rating Assigned Aaa (sf)

2005-2 A-6L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 7, 2005 Definitive Rating Assigned Aaa (sf)

2006-1 A-7L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2006 Definitive Rating Assigned Aaa (sf)

2006-1 A-8L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2006 Definitive Rating Assigned Aaa (sf)

2006-1 A-9L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2006 Definitive Rating Assigned Aaa (sf)

2006-1 A-10L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2006 Definitive Rating Assigned Aaa (sf)

2006-1 A-11L, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 18, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: Goal Capital Funding Trust 2006-1

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Assigned Aaa (sf)

Cl. A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Assigned Aaa (sf)

Cl. A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Assigned Aaa (sf)

Cl. A-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Assigned Aaa (sf)

Issuer: Goal Capital Funding Trust 2007-1

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aaa (sf)

Cl. B-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 15, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: Goal Capital Funding Trust, Series 2005-2

2005-2A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 18, 2005 Definitive Rating Assigned Aaa (sf)

2005-2A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 18, 2005 Definitive Rating Assigned Aaa (sf)

2005-2A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 18, 2005 Definitive Rating Assigned Aaa (sf)

2005-2A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 18, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: Higher Education Funding I (2004 Indenture)

2004-1A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 1, 2004 Assigned Aaa (sf)

2004-1A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 1, 2004 Assigned Aaa (sf)

2004-1A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 1, 2004 Assigned Aaa (sf)

2004-1A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 1, 2004 Assigned Aaa (sf)

2004-1A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 1, 2004 Assigned Aaa (sf)

2004-1A-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 8, 2004 Assigned Aaa (sf)

2004-1A-9, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2004-1A-10, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2004-1A-12, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2004-1A-13, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2004-1A-14, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2004-1A-15, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 23, 2004 Assigned Aaa (sf)

2005-1A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 22, 2005 Assigned Aaa (sf)

2005-1A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 22, 2005 Assigned Aaa (sf)

2005-1A-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 22, 2005 Assigned Aaa (sf)

2005-1A-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 22, 2005 Assigned Aaa (sf)

Issuer: Iowa Student Loan Liquidity Corporation (1997 Indenture Second Issuance)

Senior Ser. F, Aaa Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Upgraded to Aaa and Confirmed

Senior Ser. G, Aaa Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Upgraded to Aaa and Confirmed

D - Bonds, Baa1 Placed Under Review for Possible Downgrade; previously on Feb 27, 2009 Downgraded to Baa1

Issuer: Iowa Student Loan Liquidity Corporation (2005 Indenture)

2005-1 A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jul 14, 2005 Definitive Rating Assigned Aaa

2005-1 A-3, Aaa Placed Under Review for Possible Downgrade; previously on Jul 14, 2005 Definitive Rating Assigned Aaa

2005-1 B, Aa2 Placed Under Review for Possible Downgrade; previously on Jul 14, 2005 Definitive Rating Assigned Aa2

Issuer: Iowa Student Loan Liquidity Corporation (2006 Indenture)

2006 A-II, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 2, 2009 Downgraded to Aa1

2006 A-III, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 2, 2009 Downgraded to Aa1

2006 A-IV, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 2, 2009 Downgraded to Aa1

2006 A-V, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 2, 2009 Downgraded to Aa1

2006 A-VI, Aa1 Placed Under Review for Possible Downgrade; previously on Jun 2, 2009 Downgraded to Aa1

Issuer: L2L Education Loan Trust 2006-1

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2009 Downgraded to Aa1 (sf)

Cl. A-3, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2009 Downgraded to Aa1 (sf)

Issuer: The National Collegiate Trust 1997-S2

Bonds, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 30, 2009 Upgraded to Aa3 (sf)

Issuer: National Collegiate Trust 1998-S1

Certificates, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 8, 2009 Upgraded to Aa3 (sf)

Issuer: National Collegiate Trust 1999-CP1

Note, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 8, 2009 Downgraded to Aa3 (sf)

Issuer: National Collegiate Trust 2000-CP1

Note, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 8, 2009 Downgraded to Aa3 (sf)

Issuer: National Collegiate Trust 2001-CP1

Note, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 8, 2009 Downgraded to Aa3 (sf)

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

1997 A-1, Aaa Placed Under Review for Possible Downgrade; previously on Jan 14, 1997 Assigned Aaa

1998 A-1, Aaa Placed Under Review for Possible Downgrade; previously on Jun 25, 1998 Assigned Aaa

1998 A-2, Aaa Placed Under Review for Possible Downgrade; previously on Jun 25, 1998 Assigned Aaa

1999 A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 21, 1999 Assigned Aaa

1999-A-2, Aaa Placed Under Review for Possible Downgrade; previously on Apr 21, 1999 Assigned Aaa

Senior 2000A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 18, 2000 Assigned Aaa

Senior 2000A-2, Aaa Placed Under Review for Possible Downgrade; previously on Apr 18, 2000 Assigned Aaa

Senior 2001 Ser. A-1, Aaa Placed Under Review for Possible Downgrade; previously on May 3, 2001 Assigned Aaa

Senior 2002 Ser. A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 25, 2002 Assigned Aaa

2004A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 28, 2004 Assigned Aaa

2004A-2, Aaa Placed Under Review for Possible Downgrade; previously on Apr 28, 2004 Assigned Aaa

NHHEFA 04A-2, Aaa Placed Under Review for Possible Downgrade; previously on Apr 28, 2004 Assigned Aaa

NHHEFA 05A-1, Aaa Placed Under Review for Possible Downgrade; previously on May 2, 2005 Assigned Aaa

NHHEFA 05A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 2, 2005 Assigned Aaa

NHHEFA 06A, Aaa Placed Under Review for Possible Downgrade; previously on Apr 20, 2006 Assigned Aaa

2006A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 20, 2006 Assigned Aaa

2006A-3, Aaa Placed Under Review for Possible Downgrade; previously on Dec 21, 2006 Definitive Rating Assigned Aaa

NHHEF 07A, Aaa Placed Under Review for Possible Downgrade; previously on Apr 20, 2007 Definitive Rating Assigned Aaa

2007A-1, Aaa Placed Under Review for Possible Downgrade; previously on Apr 20, 2007 Definitive Rating Assigned Aaa

Issuer: NorthStar Education Finance, Inc. (2006 Indenture)

2006A-2, Aaa Placed Under Review for Possible Downgrade; previously on May 16, 2006 Definitive Rating Assigned Aaa

2006A-3, Aaa Placed Under Review for Possible Downgrade; previously on May 16, 2006 Definitive Rating Assigned Aaa

2006A-4, Aaa Placed Under Review for Possible Downgrade; previously on May 16, 2006 Definitive Rating Assigned Aaa

Issuer: Panhandle-Plains Student Finance Corporation Series 2001A and 2001B (2001 Indenture - First Issuance)

Senior Ser. 2001A-1, Aaa Placed Under Review for Possible Downgrade; previously on Dec 7, 2001 Assigned Aaa

Senior Ser. 2001A-2, Aaa Placed Under Review for Possible Downgrade; previously on Dec 7, 2001 Assigned Aaa

Senior Sub. 2001B-1, A2 Placed Under Review for Possible Downgrade; previously on Dec 12, 2001 Assigned A2

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

2007A-1, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

2007A-2, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

2007A-3, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

2007A-4, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

2007A-5, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

2007A-6, Aaa Placed Under Review for Possible Downgrade; previously on Mar 20, 2007 Definitive Rating Assigned Aaa

Issuer: Student Loan ABS Repackaging Trust, Series 2007-1

Cl. 7-A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2007 Assigned Aaa (sf)

Cl. 7-A-IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2007 Assigned Aaa (sf)

Issuer: Trinity Higher Education Authority, Inc. (2004 Indenture)

2004A-1, Aaa Placed Under Review for Possible Downgrade; previously on May 21, 2004 Assigned Aaa

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

New York
Barbara A. Lambotte
VP - Senior Credit Officer
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
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews ratings of U.S. student loan ABS following new operational risks criteria
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