Fitch Assigns Ratings to New Hampshire Student Loan Backed Issues.Business EditorsNEW YORK--(BUSINESS WIRE)--April 22, 2004 Fitch fitch: see polecat. rates Educational Loan Revenue Bonds issued by New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Higher Education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. Loan Corporation and New Hampshire Health and Education Facilities Authority. Fitch assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees. The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of the following ratings: New Hampshire Health and Education Facilities Authority (NHHEFA): -- $41,000,000 Educational Loan Revenue Bonds, Series 2004A-1 'AAA'; -- $41,000,000 Educational Loan Revenue Bonds, Series 2004A-2 'AAA'; -- $18,000,000 Educational Loan Revenue Bonds, Series 2004B 'A'. New Hampshire Higher Education Loan Corporation Issue (NHHELCO): -- $40,000,000 Education Loan Revenue Bonds, Senior 2004 Series A-1 'AAA'; -- $40,000,000 Education Loan Revenue Bonds, Senior 2004 Series A-2 'AAA'. In addition, Fitch affirms the following NHHELCO ratings: -- $75,000,000 Education Loan Revenue Bonds, Series 2003A (Tax-Exempt) 'AAA'; -- $60,000,000 Educational Loan Revenue Bonds, Senior 2002 Series A-1 'AAA'; -- $50,000,000 Educational Loan Revenue Bonds, Senior 2002 Series A-2 'AAA'; -- $42,500,000 Educational Loan Revenue Bonds, Senior 2001 Series A-1 'AAA'; -- $42,500,000 Educational Loan Revenue Bonds, Senior 2001 Series A-2 'AAA'; -- $35,000,000 Educational Loan Revenue Bonds, Senior 2001 Series A-3 'AAA'; -- $45,000,000 Educational Loan Revenue Bonds, Senior Series 2000 A-1 'AAA'; -- $45,000,000 Educational Loan Revenue Bonds, Senior Series 2000 A-2 'AAA'; -- $25,000,000 Educational Loan Revenue Bonds, Senior Series 2000 A-3 'AAA'; -- $35,000,000 Educational Loan Revenue Bonds, Senior Series 1999 A-1 'AAA'; -- $35,000,000 Educational Loan Revenue Bonds, Senior Series 1999 A-2 'AAA'; -- $35,000,000 Educational Loan Revenue Bonds, Senior Series 1998 A-1 'AAA'; -- $35,000,000 Educational Loan Revenue Bonds, Senior Series 1998 A-2 'AAA'; -- $42,500,000 Educational Loan Revenue Bonds, Senior Series 1997 A-1 'AAA'; -- $42,500,000 Educational Loan Revenue Bonds, Senior Series 1997 A-2 'AAA'; -- $15,000,000 Educational Loan Revenue Bonds, Subordinate Series 2002 B 'A'; -- $15,000,000 Educational Loan Revenue Bonds, Subordinate Series 2001 B 'A'; -- $45,000,000 Educational Loan Revenue Bonds, Subordinate Series 1999 B 'A'; -- $25,000,000 Educational Loan Revenue Bonds, Subordinate Series 1998 B 'A'; -- $15,000,000 Educational Loan Revenue Bonds, Subordinate Series 1997 B 'A'. NHHELCO's Education Loan Revenue Bonds, Senior 2004 Series A-1 and 2004 Series A-2 and NHHEFA's Education Loan Revenue Bonds, Senior Series 2004A-1 and 2004A-2 bonds are rated 'AAA' and a rating of 'A' on the Subordinate Series 2004B bonds. In addition, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. also affirms the ratings on all outstanding debt that has been issued under the Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. dated June 1, 1998. All bonds under the NHHEFA indenture are 35-day tax-exempt auction-rate securities that pay interest semi-annually beginning June 1, 2004 and the taxable NHHELCO Series 2004 A-1 and A-2 pay interest monthly, after every auction commencing May 19, 2004 and May 26, 2004, respectively. The ratings are based on the collateral quality, the credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided, and the sound legal structure. The ratings reflect the ability of the trust estate to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. bonds at maturity and pay timely interest. The ratings do not address the ability of the trust to pay carry-over The designation of the process by which net operating loss for one year may be applied, as provided by federal tax law, to each of several taxable years following the taxable year of such loss. interest, nor do they address the ability of the auction-rate bondholders to successfully remarket their bonds at an auction now or in the future. Under a loan agreement, the NHHEFA pledges the proceeds of its tax-exempt issuance to NHHELCO who has, in turn, issued a collateral bond to the NHHEFA as security for the loan. NHHELCO will use the tax-exempt proceeds to acquire additional eligible student loans. The loan portfolio consists predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. of FFELP FFELP Federal Family Education Loan Program loans; however, a provision has been made in the supplemental indenture that allows for the purchase of alternative loans in an amount not exceeding 18% of the principal amount of outstanding bonds. At closing, there are approximately 12.1% of private student loans in the collateral pool. Proceeds from the series 2004 issuance will be used to acquire additional student loans, make a deposit to the debt service reserve fund, and pay costs of issuance. NHHELCO, organized and existing under the laws of the state of New Hampshire, is a non-profit 501(c)3 corporation. Since its incorporation on February 24, 1983, NHHELCO has been providing low cost financial assistance to eligible students or parents. Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. State Management and Resources is the servicer for the portfolio. |
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