Correction: Fitch Rates Arizona Educational Loan Marketing Corporation Issue.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 14, 2002

(This is an amended version of a press release issued earlier today, containing revised rating information on subordinate series 2002B)

Fitch Ratings assigns the following ratings to Arizona Educational Loan Marketing Corporation's (AELMaC) educational loan revenue bonds:

--$64,000,000 senior series 2002A A-1 'AAA';

--$64,000,000 senior series 2002A A-2 'AAA';

--$40,000,000 senior series 2002A A-3 'AAA';

--$32,000,000 subordinate series 2002B 'A'.

In addition Fitch upgrades the ratings on the following debt from 'AA' to 'AAA':

--$75,000,000 senior series 2001A A-1 'AAA';

--$75,000,000 senior series 2001A A-2 'AAA';

--$75,000,000 senior series 2001A A-3 'AAA';

--$66,000,000 senior series 2001A A-4 'AAA';

--$23,180,000 senior series 1992 'AAA';

--$31,700,000 senior series 1993A 'AAA';

--$16,300,000 senior series 1993B 'AAA';

--$20,000,000 senior series 1993C 'AAA';

--$5,000,000 senior series 1993D 'AAA';

--$50,000,000 senior series 1995B-1 'AAA';

--$50,000,000 senior series 1995B-2 'AAA';

--$50,000,000 senior series 1995B-3 'AAA';

--$50,000,000 senior series 1995C-1 'AAA';

--$50,000,000 senior series 1995C-2 'AAA';

--$50,000,000 senior series 1995C-3 'AAA';

--$50,000,000 senior series 1996D-1 'AAA';

--$50,000,000 senior series 1996D-2 'AAA';

--$50,000,000 senior series 1996D-3 'AAA';

--$50,000,000 senior series 1996D-4 'AAA';

--$50,000,000 senior series 1996D-4 'AAA'.

Fitch also affirms the following ratings on the existing debt:

--$25,000,000 subordinate series 2001A B 'A';

--$2,750,000 subordinate series 1993 'A';

--$3,000,000 subordinate series 1993 'A';

--$5,700,000 junior subordinate series 1993 'NR';

--$3,900,000 junior subordinate series 1995C-1 'NR';

--$40,750,000 subordinate series 1995A 'A'.

In addition to the ratings assigned to the series 2002A and 2002B bonds, Fitch upgrades the outstanding senior bonds from 'AA' to 'AAA' and affirms the subordinate bonds 'A'. The junior subordinate bonds are unrated (NR).

The ratings are based on the quality of the collateral, which consists entirely of FFELP student loans; the reserve fund, currently sized at 2% of the aggregate amount of bonds outstanding; the ability of the transaction to pass stressful cash flow tests at each rating level; and the sound legal structure. The ratings on the senior bonds are further enhanced from the 9.28% subordination provided by the subordinate and junior subordinate bonds. The ratings reflect the ability of the trust estate to redeem bonds at maturity and to pay timely interest. The ratings do not address the ability of the trust to pay carryover interest, nor do they address the ability of the auction rate bondholders to successfully redeem their bonds at an auction now or in the future.

The series 2002 bonds are issued under the twelfth supplemental indenture dated March 1, 2002. Proceeds from this issuance will be used to finance FFELP student loans, fund the reserve account, and pay costs of issuance. The senior series 2002A A-1, 2002A A-2, 2002A A-3, and subordinate series 2002B bonds are 28-day taxable, Reset Auction Mode Securities (RAMS) with interest payable monthly. The legal final maturity for the series 2002 bonds is Dec. 1, 2037.

The assets securing the bonds will be loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at either 100% or 98% of principal and accrued interest by an eligible guarantor(s), depending on loan disbursement date, and reinsured by the U.S. Department of Education up to the same amounts.

AELMaC is a non-profit 501(c)3 corporation created in 1982 under the Arizona nonprofit corporation laws. AELMaC promotes the charitable and educational objectives of Arizona by providing access to individuals for education.

Southwest Student Loan Services Corp, United Student Aid Funds Inc., and California Student Aid Commission will service the loans.

RBC Dain Rauscher is the underwriter for this transaction.