6-11-12 2004 Indenture

Event Notice Pursuant to SEC Rule 15c2-12(b)(5)(C)
Issuer/Obligated Person:
Mississippi Higher Education Assistance Corporation
Issues to which this Report relates:
Cusip
Series
605-354-EPO
Senior Series 2004-A1
605-354-FD6
Senior Series 2007-A1
605-354-FE4
Senior Series 2007-A2
Events Reported:
Ratings Downgrade by Fitch Ratings
On or about June 8, 2012, Fitch Ratings ("Fitch") downgraded its ratings on the Senior Obligations
identified above (the "Senior Obligations") from "AAA" to "A."
A copy of Fitch's press release with respect to the downgrade is attached. Such press release is a
statement by Fitch and is being provided for informational purposes only. Providing a copy of such press
release should not be interpreted as evidencing that Mississippi Higher Education Assistance Corporation
("MHEAC") agrees with or endorses the information and analysis set forth therein. The discussion of
Maximum Auction Rates in the press release appears intended to generally address obligations issued by
multiple issuers and should not be interpreted in any manner as providing information concerning
provisions applicable to the Senior Obligations or any other obligations issued by MHEAC.
The information contained in this Event Notice has been submitted by MHEAC to report certain events
with respect to the Senior Obligations. Nothing contained in this Event Notice is, or should be construed
as, a representation by MHEAC that the information included in this Event Notice constitutes all of the
information that may be material to a decision to invest in, hold or dispose of any of the Senior
Obligations, or any other securities of MHEAC. General information concenring MHEAC is available at
www.esfweb.com/mheac.html.
Date submitted: June 11, 2012
FitchRatings
Fitch Ratings-New York-8 June 2012: Fitch Ratings has taken various actions on 10 FFELP student loan ABS trusts on Rating Watch Negative.
The actions include both downgrades and affirmations,
The trusts were reviewed due to the prominence of a unique multiplier function and its usual determination based on lowest rating assigned to the
notes by any rating agency. This feature, in conjunction with recent actions taken by other agencies as well as parity being sustained only
voluntarily in some cases at levels substantially in excess of cash release levels, has led Fitch to reevaluate the risk in these transactions. Trusts
that are being downgraded have been determined to be vulnerable to this multiplier function, with presently undercollateralized trusts faring
worse under the applied stress.
Since the failure of the auction rate securities market in 2008, the maximum auction rate (MAR) has been in effect for these transactions. The
MAR includes a multiplier or applicable percentage which increases depending on the rating. Typically, the applicable percentage is between
150%-175% of the linked index for ratings 'A' or better and 200% - 265% of the linked index for ratings less than 'A'. The applicable percentage is
usually based on the lowest rating on the bonds.
Fitch analyzed the effect on the trusts if a bond's applicable percentage were to increase from 175% to 265% due to a ratings downgrade while
simultaneously applying the LIBOR up interest rate stresses also used for new transactions. In this scenario, the bond's coupon will increase by
about 50% (unless it hits the cap), which will compress excess spread and possibly erode parity. Fitch has downgraded tranches which become
impaired under this scenario and have a higher risk of principal shortfall.
Definitions of MAR vary for the indicated trusts and they can be indexed to either the Securities Industry and Financial Markets Association
Municipal Swap Index (SIFMA), produced by Municipal Market Data, the 30 or 90 day 'AA' Financial CP rate (CP), or the 90-day T-Bill rate (TBill), The interest rate for the ARS is the lesser of the applicable percentage times either SIFMA, CP, or T-Bill and a high fixed rate cap set
between 14%-18%.
Fitch continues to evaluate Alaska Student Loan Corp, - 2002 Indenture of Trust (AK) and New Jersey Higher Education Student Assistance
Authority - 1998 Indenture of Trust (NJ), which have private and mixed collateral respectively, and rating actions will be taken on these trusts at a
later date.
Fitch takes action on the following trusts. Action detail can be found in the adjoining Rating Action Report:
--Arizona Educational Loan Marketing Corp. - 1992 (April 1, 1992) Trust Indenture (AZ);
--Access to Loans for Learning Student Loan Corp. - 1998 Master Trust IV (CA);
--Arizona Educational Loan Marketing Corp. - 1992 (Sept 1, 1992) Trust Indenture (AZ);
--Arizona Higher Education Loan Authority - 2005 Trust Indenture;
--Florida Educational Loan Marketing Corp. (FELMAC) - 1998 Trust Indenture (FL);
--Mississippi Higher Education Assistance Corp. - 1999 Trust Indenture (MS);
--Mississippi Higher Education Assistance Corp. - 2004 Indenture of Trust (MS);
--South Texas Higher Education Authority, Inc. - 2007 Master Trust;
--Student Loan Funding Corp - 1997 Indenture of Trust;
--Washington Student Loan Finance Association - 1998 Indenture of Trust (WA).
Contact:
Primary Analyst
Harry Kohl
Analyst
+1-212-908-0837
Fitch, Inc.
One State Street Plaza
New York, NY 10004
Committee Chairperson
Cynthia Ullrich
Senior Director
+1-212-908-0609
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: [email protected]
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria,' Aug. 4, 2011;
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS,' April 3, 2012.
Fitch Rati n gs
.
1
1
.
•
.
Rich Takes Vaiiinin Actions on .10 FFELP SiiJdant Loan ABS Trusts on Rad !
Oral Len& Noniu7
MN
.CL)NP
maws
Lou
Tdo,
ROiln
F4tiog noccwory Penni WatoO ,Ounwnt
F.L:cE.si !9 Leans:tor Le 'irning StUdent Lo-an 'berp. -.199B Maste-r frust tV(6A) 2009,1
4 • - 06‹:.-,wP:2 u polgiiii4.Wil;•6s ,
Access to Loans for Learning Student Loan Corp. - 1998 Mastet Trust IV {CA) 2007
I V.• A it E
FACceasloA=aa
fEllarning Mjtli-ran.Corp,.. 1998 Master Tigs1JV (CA) 2003,1
Accoss to Loans for Learning
g
5 alairetk.i
Student
Loan Carp - 19913 Mat
lTrust IV (CA)12007
gingalaii-Zikt414ifallingiik0
Access tc Loans for LearningStudent Loan Corp. - 1998 Master Trust IV {CA) 2002
Arorfa el IANA 1., t-PlinwiMacinlan44T--1 4
. Bai4......
17inkfccrocio
ry_k-,
'gabs
JSC04.33 -IAE59
AAAs1
vtoiliaalititt- . im
- ii
rigilliiimixi../.4611 ..
A.4
L1S00433k1AN9Z
laltri- Wels/, ga-gsfue
00432MAN9
AAA,'
ILIS40413TADS4
Access to;Loansior Learning Student Loan CorpM1998 Master Trust iy (qAtzoo3 ,I
Fi
•
(X14304M0
USOC432MAR07
MAO
..--151Ydaukar r--'usol:4Yrfia-r62 -- AANA
4,4
08462MAP4
iJ536 4.'.:,..2:1AP•rii
A .B.L,.
..von9.7_1:1.
BBBsf
BBB
3BBsf
-.101kirsi-Oi- BBB
Recovery RoUnia OtnloW
14111.1p Cu:t0o...S/0o.
OB Jun 2012
Ba i •i• Larbsall. Stable
tt
iiiiiici*:=
08 Jun 2012
F1.1-bno
0o11ook
.
S'ltioi :
a Arn
03
201.2
Jun 2012
f=i1,.ligi,2
Hsiang Oullecik Slafolo
09 Jun 2012
i 1*
lIke. 1 1.1-.9 all._ BBB
1 1iWiL
1111111&144
ogi44.19.0
Wal.0.57etlat
Ratinit Outlook Stade
OS Jun 2012
17,bwrgia:JE
BilillieliA44.46AtNri0e. -41BB
P. nlig 6.--k-, *. ,.:...-:i:lillaill.
Rating Watch Negative
F1R11bp Outlook ;:i r at•u
Do • ngrade EBBst
GB
Jun 2012
Rating-W atclf Negatiyez,- DoWngrade7. BBB
liWitiPtirt4Slaraft, , '--. 03Juit 2012
og
Raring Watch. Negative
PA mg C•-_aiodii Stable
Downgrade 3BI3s1
-2Liga :41WolitiMigla'.-Ams1
Nig:: 000
Rating Watch rklegafking le •BBB
0.13
Rating Watch Negative Downgrade EI BBLI
US00-132MB6o6 AAAst
Fnahiii
Acilon
ennontre
Bolo
i
111K.O*CikthWil?
11.741i i
A✓ Ast
=11•'.• 00432MAW9 tJS00432MAW91 .A.,...kii
1998 MasterIrtial ni (C42000
D Iti .. cl-• 1.:-p4alive
rk,97:- - 00432MAS8
P•7
ciagCo,O. -
Lici,::,;•:;78ES:
AAAsf
a_03111iiiagg_ te#1,
to Loans for Learning Sludent Loan. Corp - 1999 Mastet Trust IV (CA) 2002
R0.ligg
PoiteNWaater1pagottre
kccess to Loans for L earning Student Loan Corp. - 1998 Mastel Trust IV (CA) 2003-1
1.19cessio ! Lairillor..1_6arriingiSluic
Ao.tion
. Rating Watch Negative Downgrade BBB
A-10 '.: • 00432MAV1 - 'US00432MAV19 AAAst
IV- A - 17 00433TAD5
Access to Loans for Leaming Student Loan Corp. -199B Master Trust IV (CA) 2003-2
Now Lons Seventy.' Rating Welch
Downorade
. .
Loan Corp• - 1996 Master Trust IV (CA) 2
Holing
Ha Mid Watch Neauti,c
0C • 17, l1 .,2.t3.
US1:10-43TAIE1Ki
Watch li . !a
OB Jun 2012
RatingOutlook Stable. _ 08 Jun 20:1
ST.Flook S1aD6a
oa Jun 2012
IMIELSOMEMIg&ECWIT.- gB.!
Rating-Watch Ne-gl:i,alcicismgrade
.B.
Rating;SAAlook•Statki
081102012
Access to Loans for Learning Student Loan Corp. - 1998 Mader Trust IV (CA) 2007
IV-A-14 00433TAA1
Rating VVateh Negative Downgrade
9813s1
Baling Outlook Stable
4...12f8i0Z
iiketroa.,h,te, Lwrnitv,..1dvii cotirs.b:=0:.- altZle Mtge 1 7/CCI iv t&Arikenl
mom,
Rating OuilookI_Slablo
08 Jun 2012
Rating Outlook Stable
08 Jun
(D-1""g-:,Outlook.Nega live
08 Jun 2012
Rating Outlook
.03 Jun 2012
to Loans foi Learning Student Loan Corp. - 1993 Master Tiust IV (CA) 2004
AsgraLsIloillcansypTLear-rinb
1c Loans f or
tl_Tran-c5/p-.4:1999,Aa-sler TruslIV(CAL19A
Student Loan. Corp. - 1998 Master Trust IV (CA) 2007
11411-5
pffdnIEducational Loan Marketing Corp. -.1992 (April 1, 1992) Trus1Indenture (AZ) -2001
izona Educational Loa, Marketing Coto. - 1992 (April 1 1992) Trust Indenture (AZ) 2003
gd-
Arizona Educational Loan
Corp. - 1992 fApr3 1. 1092) Trust Indenture (AZ)
AAAs1
0043214A1J3 : ...tiseosvt.eurae-- - BBst
Rating Watch
004337AC7 US00433TAC71
R Bang Walsn 11
AAAs1
Downgraoe ...E
sbe
RaitIntliialcif Noricthra. - •-Artierre4"_ . AAA
•
040504FG2 USN 0504FG20 AM.(
Rating Waktli Nrtaat..m
r_95_04DTe.• USO40504DT6£1 AAAsf
Flagreckl#04WitIMPORT1(
041:694DEZ USO40504DIJ32 AAAsf
Rad rig Watch Negative Anitmed
444:5:64ci .
raN
1
2001
Arizona Educational Loan Marketing Corp7. 1992 (April 1, 1992) Trust Indent* )PiZ):2
USO40504DZ29 AAAs1
Affornod
Watch nogatue . Przlinrt e4 ..
OB Jim 20•2
g0113 001.412/t 1.4tga11.7
oe,auff-Aital
..k.L.Ar.f
Rating Outlook Negative
08 Jun 2012
AAAst
RatingWatchNagative ,:,..Alf inner:I .. 1,
Arizona Eaucalional Loan Marketing Corp. - 1992 (Sept
040504FP2
Lr5340504FP2 g
AAA.sl
Fal:rig Wafah kimrgotlue
e,40504C44 IJSO49.5046A41
AAA.sf
r iCrjO;i. .iii.iition41.:0411=11=1FgAiik .L, vildi fmn hdeoure )AZ)220Oca
Arizona Higher Education Loan Authority - 2005 Trusf Indenture 2005
A ffirmed
Affirmed
,...P.Aci
/fIAP
A-2
Poiluks InVbb NesigetN-
Affirmed
AAA.= f
0405M24ESAII040504FS67. AAAsi
koiiii&tailigit*Waillik14-4
04051BAC9 USO40519AC90 491Asf
Plelin W ast.
Ne9d1m? •
Rating Oirtlook gegatkte-.208,3Crii20:12
AAA.'
garikkaii:afild7:7;NLA
)2N1
1942: Trust Indenture (AZ) 2004
09 Jun 2012
.1.0:410a4•ega194/ 004un_Mil
0.014
Illudee,. r •ingk;.re
Affirmed
040504G132 .....L1523.
nal Loan Marketing Corp_ - 19162 1,55p 1
iir,
Paling Outlook Neuative
ARA
040504FK3
1992) Trust Indenture )AZi 2003
AAA3d
EZting Watch .Negative Affirmed -,
Arizona Educational Loan Marketing Corrf1992 )Sept1, 1992) Trust Indenture (AZ) 2004
1
.Igfrig OUAge_k-.Ne-gailve,1:1084)
!fazing Watch Negative
RaLing W M on Ne,g ativ e
Arizona Educational Loan Marketing Corp, 1992 (Sept 1, 1992) Tr1.1
2012
040504DY5 USO4050415Y93 AAAsf
AAAsi
Cerp_L1992 ( Sept 1 19921 Trust lndenture 1AZ) 2009
g
040504EC2 USO40504EC25 AAAsi
USO4 • 5CL":32
a Educational Loar
EE1341
040504EFS USO40504EF55 - AAAsi
Corp. - 1992 (April 1 1 992) Trust Indenture (AZ11998
i
6
US00433TAA16
11M2raz
Mzona Educational Lowi'Markeling Corp.• •••1992 )Aprt 1,1992) Trust Indentu-rgT
,AZ1;1993
rizona Educational Loan
20432M13B4
nowrrgrado r,r
08 Jun 2012
Bkiag1021905211Agveagpra:112
P.ating Outlook Negative
08 Jun 2012
RatingOutlook Negative_ 08 Jun 2M
Rating Outlook Negaiive
C18 Jun 2012
Low
Cayeticti Unkind
Ration
Loss (XL1
Current Bat
(L4:413'
Ptiar Less
.
1
P
Prior S :Le r1 41
rilia f.efol•reerie
two* • clitiP
Arizona Higher Education Loan Authorit - 2005 Trust Indenture 2006
X•1
P.r igr . ..tlft
.
a _
Education Loan Autncrity - 2005 Trust Indenture 2007
0
:
3!
-
ks
04051BAHO LtSO4051BA1i87 AAAsf
illndgritd
.
.E
.4
.
- ii
Wilt411i
Rating Outlook Negative
j.k
Acton
Cove-rn.. • .•.n
.etl.,1
Ette0110]
WOW-,
LOR.V. MA
ti.i*-.
curitint er i4-
toss
08,10d: 012
l
L
1431
.417
101
1,
1
11
Ra5ng Wend' Necowe Dow
Raiing Outlook Negative
CO Jun 2012
3;1
E
idT
aaff164
104-11
:op
Raring Walsh Negative
Downgrade
04051BAK1
Rating Outlook Negative
08 Jun 2012
Arizona Higher Educationloan Author ity - 2005 .Trust.lridnture 2005
o-iOliAE1176-647Alielli73' 'AAÄst
@anon Watch . Nogat ive Downgrade .
A
Ratirig!Oritloi5Kf egatve
08 Jun 2012
Flor da Educational Loan Marketing Col p.(FELMAC) - 1998 Tr•st Indenture (FL/
340640AB7 US34061 0A378
Rating Watan Negat ve
AAA::
P.aling Outlook Negative
08 Jun 2012
g Outlook Negative
08 Jun 2012
,41998 .
i g
•
l
i
s
Flor!cla Educational Loan Manseting Corp (FELMAC) - 1998 Trust Indenture (FL) 2002
PäTidag
li1=80Ma7rFeliggCorp.(FELMAC): . 1.9981- rustindenture(FL) 2002
'
340640A184 US340540AH49
P...i
._340640AE1..
BBsf
01.
Rt.irin
Arizona Higher Education Lean Authorry - 2005 True:Indenture 2007
-
USO40513AK17
.:
l
Lior4 'N uPETRI?
.Raillip . Pio4ensiety.kiOng eumeoic
Kraiiv*iiiticonv:,. .P4iNark*:
- '-0405113AE5.' USO4051BAE56 • 'AAAsf_.
l
oi. j.ialgraisgp-gyag-
ItIltrW
...1 1nT
.Aiiscil •
nuzing Rk.oweriFiating waxhioutio*
ismi
AAAnf
• A.
AAAsf
US3406k0AE18JAAA7st
Florida Educational Loan M g rffeting Corp (FELMAC) - 1998 Trust Indenture (FL) 2003-1
B
Florida Educat i onal Loan MarketintiMOrp.(FELMAC) - 1998 Trust Indenture (FL)2003,2
cz . . M4064c/Ax9MLISSIVAUAk99 .: -.AAit
Florida Educational Loan Marketing Corp.(FELMAC) - 1998 Trust Indenture tFL) 2002
0.-:!
i
4rda
Eciur. bonaf Loao
340640AS0 L tS340640A O4 AAA. f
340640AF8
US. 1..4
$
0 C..aro.rFELMAC7 - ltitig Tnst knd nbure (FL; 1998
A
1
3106-10AC5
.41).A`Ki
Alfirmed
-_-;:
i
f
Patina Watch Ne g ative Affirmed
AAAsi
Rating Watct_ egaliA---VAtfinfed_ :.- ."^_W
,
Ralg-g_O_Ul ook Negative ..08 Jun 2012
Rating Watch Negative Affirmed
Rating Outlook Negative
AAAsf
Bating. fehi Ncgativo . Affirmed . „AAA
AAAsf
Rating Watch Negative Affirmed
,A....r
Rating Watch Negative Affirmed
-4
AAAsf
Ra:ing Outlook Negative
08 Jun 2012
AAAst
Rating Out ook Negati
08 Jur. 2012
.
-
-52 064CAC51
l
.
7.95-suAr7 us34o86 pion,
Florida Educational Loan Marken,' Corp,(FELMAC) - 1998 T r-usl Indenture (FL) 2003-2
.
MissisrppirA
6853 1S =
AAAsf
11
08 Jun 2012
RaVglOalook Negative 08 Jui12012
Raling Watch Negative Affi rned
AAAsf
Rating Outlook Ne g ative
98 Jun 2012
RatmaAatch Negative Affirmed . '.41§Ifif
FialirMaitlook.NeWti/F:i.,08 Jun . 2012
Rating,Woh Negative Affirmed
AA6
Ratingputlook Negaty
le 08 Jun 2012
AAA
Raling Outlook:Negativeub-108Jun. 2012
'AM
Rating. utlookINerdrive 98 Jun 202
.
rAS issipPi Higher=Ed geätidn'A-ssi tanOep0 1999 .Trifsn,denture (MS) 2005
Pissis-s if5pi i High-dr.Education
Assistance Corp,-, -.1999-fTnist Indenture (MS) 2000
Mississippi Higher.Education ' ssistance Corpl'-,1999A- Crust•Indenture (10§)_2004
'Mississippi Hi
-
..
.
ei Education Assistance Cop. - 1999 Trus; Indenture (MS) 2006
Miisiisippi Higher Etucaicni'ssistance Cori?.7,1499)Indernfuy!(FA'S .2000 . .
Mississippi High. Educat'on Assistance Corp. - 1999 Trust Indenture (MS) 206G
A-2
1
605354Ek3iEl
Rating Watch Negative Affirmed •..
605354ER2
Rating WalcrpNSg arye; Allirrned
605354-FOS US605354FC82
AAA 1
605354EDI4IS605354ED74-4.1
ail
605354EE5
US605354EF_57
A -' sf
Razing Watch. Negat ve Affirmee
lIa
ltin-g'OUtlookNegative '. • 08.Jun-20,a
Rating Watch Negative Affirmed
Rating Out ook Stable
A; 1
605354ES4 US605354 ES:1432AAASI
.2tqedi
pating-Wa1eLNegalive;-.]2
Missistipoi Higner Educaton Asst tance Corp. - 1999 Trus" Indenture (MS) 2005
605354EU9 U560 354EU99 AAAs1
Raling Wats, Negative Affirmed
605354EV7? 4US605354EV72 ':AAAsf
Rating Watch Negive f#:AffirraFdErMIINI
605354EYi
AAAsf
Rating Watch Negative Affirmed
A.A.A.s.f
lti
tttlifgalr:ier:- Affiimed . ' L
lississippi Higher Educaton Assistance Corp. - 1999 Trust Indenture (MS) 2005
MiniS%-igkHiglg
ion. 41tance Corp,',-
-
E
.i
1,r1;rust.Inletirtn15) 20
2 7-
W05354EN56 AAAs.1
AISsissiPfiNhkEdua
ctIcAAsSisla_
neff§Irtir7,1999 . M-.t stIndeFilf. 12 .51.020A
IMississipoi Higner Educatron As,stance Corp. - 1999 Trust Indenture flolS) 2003
US605354EY12
E
605354EK1
U5605354EK18
AAAsf
Cajun 2012
v;161firdk - .Acq
Rating Watch'Ne-g' li7
T Issiisipp• Higher Educacon AsVsfance Corp. - 1999 trust indenrure {MSi 2004
MissisiropibigrierEclocco ssisianceColp,19994T, , ust,Indent(INS) • 21L3
Outlook Ne g ative
AA al
AAAA1
APAGA
Affirmed
Rating Outlook Negative
08 Jun 2012
algInt Oirtlook Negatiye: - . 08 :Ign20. 2
Rating Outlook Negative
B.i.,t ng
inggtiallfirmed
rRAL
Reline Watch Negative
08 Jun 2012
Ir .ling.OulloöKNegatiliek:0111Al2212
08 Jun 2012
rook.IL g tiAllERMIS
Riting-OPIMA
IZIggatLvi=08" un-201.2
AAAsf
Faiing Outlook Negative
09 Jun 2012
PAD( Loss
Nor 'Severity/ .
Nor Baiintr.
Raltrig • Rival/try- R.11Ni Watch:NA:Or
Piilng
Astlan
New
1_,..,.i.s Savelilyr Rating Walsh;
BMWs.. Fiacovevy knits Outlook
Rabin
ArtEpp]
Ellett's.*
Data
1Mal Laitaf Name
Class CUS1P
Mississippl Higher EducationAssistance Corp,-1399.T.rualndentur0(MS)2001
A..1 _ —605354EJ4L- LLS605354EJ45 _ - AAAsf
Rating_WatceltlegatitLe_LItIL'meg
AAA,
Rating Outlook Negative . f 08 Jun 20i2
Mississipoi Higher Education Assistance Corp. - 1999 Truro Indenture (MS) 2008
B- 1
605354EM7 U5605354EM73 A+sf
Razing Watcn Negative
Affirmed
A -.1
Rating Outlook Stable
08 Jun 2012
Mississipegr
rHihe
Education Assistance.CorpM1999grustAndenture.(MS) 2003
A-2
605354EL9 . US605354EL90
AAAsf
Rating Watch Negative -111
MN
Rat i ng Outlook Ne g ative
08 ! f:n=1
Kane, Education Assistance Corp.- 1999 Trust Indent • re (MS) 2000
A-4
8.08354EF2
US-i-0•1•••35-/ LI:23
triuksil
08 Jun 2012
it In-denture (MS) 2000
olstisiProi Higher Education Assistance Corp. - . 1939 TTn
A-2
Mississippi Higher Edscaton Assistance Corp - 1999 Trust- Indenture (MS) 2000
Mississippi Higher Education • Assistancc .Corp. - 1999 Trtgst Indenturet (MS) 2006
ISIN
E
Raring Watch Negative
Affirmed
Ratirg!NatgliNegative Affirmed
415•34FEr.
t.i -Pil8I.0,1FE 19
605354FB0
US605354FB00. -i ki. st
Aississipsi Higher Education Assistance Corp - 1999 -Bust Indenture (MS)
E
605354DY2 US605351DY21
M7)
RisiisSippi iligher Educatiori Assistabce_CoZ -Z1004".Inclenture - aTrifst ..(3
=
Mississippi Higher Education Assistance Corp_ - 2004 Indenture of Tiust (MS) 2007
tssissippi Higher Education Assistance Corp2- ,2004 Indentureof TriiM( .172
IA
A • sit
Raiing Watch Negative,
Affirmed
-W
A.V
Rating Outlook Negs
IAAII
Rating Outlook NegatiVeM08 Jun 2012
A-
Rating Outlook Stable
Rating Watch Negative _Affirmed
Rering Waloff tsfCgativo
Affirmed
605354EP0 )U.S605354EP0O . AAAsf
Froitwora 06
DotvngradeZ21
A-I
635354FC6
Rot.; Walr, NegoLve Downgrade Ali
=
605354E08 US605354E087 Bsf
Mississipoi Higher Education Assistance Corp. - 2004 In g enture of Trust (MS) 2007
ill
605354FF1
Higher Education asistancenbigr200,4grclonturee- tTfug(MS)2003
=
605354FE4 U5605354FE49 AAAsf
RatiglyYtch NegatNe:vngrade
A•.
840555CM6
Raring Watch Negative Affirmed
TIllSi
=
640555C.J3 :•.:•.US8405550J39
ticetion Authority. Inc. - 2007 Master Trust
rff Tex. Higher Educaticn Aulhenty Inc. - 2007 Master Trust
So-iithrtTRas HighdF Educaticin'AuthOrity.20C2.Ma9tef
AAAsf
US605354ED55 AAAsf
US605354FF14
Bs(
US840555CM67 AAAsif
AAASI
PA
840555CK0 U5540555CK02 AAAsf
eF.ArTJ
.1
lil
1110555007:••USB40555C071. Asf
South Texas Higher Education Authority. Inc.- 2007 Master Trust
E
aideralari.FundinglOonti3:9973n-denture of Tru;
A,7
uth Texas Higher
SoPtlii(Tdias
rEctitcation Atilhoritylloic
Higls
il
Student Loan Fundi •g Corp - 1997 Indenture of Tiust
VashingtonStudentiLoan:F,irTant-e AsSociatiogz1998 IndentuieofITrItyyg20021-6
A-4
'Washington Student Loan Finance Association - 1998 Indenture of Trust (WA) 2004 - 8
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Washington Student Lean Finance Association - 1998 Indenture c
(VJA)
2004 - 8
08 Jun 2012
08 Jun-2012
Rating Watch Negative
Affirmed
Bsf
P.azing Outlook Stable
08 Jun 2012
Ratingil_Netch NegatNe Affirmed
Razing Waton
• • _ 171 tirt gVv 4 rhi 20
Affirmed
9atilaQiitIO.KkSlable,L08.Jun'201:2
Rating Outlook Negative
Rating Outlook NegathielagEtlii
ulT20E
A.A.AVI
Rating Outlook Negative
Rating 'Watch Negative • AffTm=edIST.11,4
863869CU5 US863569CU52 AAAsf
Rating Watch Negative
86386NAP7 ,US86386NAP78 —.AAAs1
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+
08 Jun 2012
Fat ig • 01.4Fidli:,Ne gativigWeLeln: 201M
Rating Outlook Negative
08 Jun 2012
Rating Outlook Negative ..$08,11P2.0J2
Ar.1
o.41.11
Razing Outlook Negative
itlegalive Altimelil
Rating WatchL
Kid 1
Rtift-LOideiskiNegl effAl
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Rating Watch Negative Affirmed
A.AAwf
Rating Outlook Negative
Fliting.Watch Negative_1141ifgnee
MA
RatingOugook Negativeira08 dun.•2012
AAAsf
Rating Outfook iflegative
Rating Watch! Negative
Affirmed
08 Jun 201•2
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8638690VTIfe0S8638690Vg• AAAst
Affirmed
08 Jun 2012
OS Jan 2012
CS Jun 2012
86386NAC6 • •US86386NAC65 .CSAAs1
Rating .WaLchNegatifjrmed
A8di
Rating Outlook.Nega
AAAO
Rating Watch Negative Affirmed
AAAsf
Raling Outlook Negative
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Fjting.Wptch hlegatili(ntecl
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Rating Outlook Negative
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look Stable
Affirrne.d
AAA.s1
likIng.OuticTck:Stable-M108-40n•0:12
Fa-ting OutlookStabie
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Rating Lille's), Negative
86386N.A7_5 US86396NAZ50
08 Jun 2012
B
810555CP9 US8405550P98 AAAs1
AAAsf
181.10iit2012
Rating Outlook Negative
Affirmed
-PP. I0 ..
.
Rating Outlook Stable-
ggalive
,
4) 2000
Washington Student Loan Finance .WsociLtion - 1998 Indenture of Trust (WA) 2002-6
1Washinglon Student Loan Finance Association .1998 Indenture of Trust
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08 Jun 2012
86386NBD3
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Rating Watch Negative
PLEASE SEE 'DISCLAIMER' TAB FOR IMPORTANT LEGAL INFORMATION -
Alfirmed
CB Jun 2,012
08 Jun 2012
Loss
Caveraao
Rs Kos
ILCIFIr
Especled
Loss iXL1
Cr.irrant BaL
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compensated for the provision of the ratings.