Fitch Affirms Abilene's Outstanding Debt.

Business Editors

NEW YORK--(BUSINESS WIRE)--January 29, 2001

Fitch affirms ratings on the following student loan revenue and revenue refunding bonds issued by AHEA- 1, LLC (AHEA), the Delaware limited liability company formed during the March 2000 150(d) conversion of Abilene Higher Education Resources Corp. (TX):

-- $17,000,000 student loan revenue refunding bonds, series 1993A `AAA';

-- $16,375,000 student loan revenue bonds, series 1993B `AAA';

-- $12,185,000 student loan revenue bonds, series 1995A `AAA';

-- $24,400,000 student loan revenue bonds, series 1995B `AAA';

-- $35,000,000 student loan revenue bonds, series 1997 `AAA';

-- $32,000,000 student loan revenue bonds, series 1998A `AAA';

-- $3,000,000 student loan revenue bonds, subordinate series 1998B `A';

-- $3,600,000 student loan revenue bonds, subordinate series 1993C `A'.

Fitch bases its ratings affirmation on the review of documents and opinions provided to Fitch by Abilene regarding the transfer of its assets and liabilities to a Texas nonprofit corporation.

The management and members of AHEA, Abilene Higher Education Foundation, formerly Abilene Higher Education Authority, Inc., and Abilene Higher Education Resources Corporation have transferred and delivered substantially all assets and certain liabilities to Panhandle-Plains Higher Education Authority, Inc. and Panhandle-Plains Management and Servicing Corporation. The assets include student loan notes and other assets pledged for the payment of the Series 1993, 1995, 1997, and 1998 Bonds.

Panhandle-Plains Higher Education Authority, Inc., a nonprofit corporation, and Panhandle-Plains Management and Servicing Corporation, a for-profit corporation, are both located in Texas.