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Fitch Assigns Ratings to New Hampshire Student Loan Backed Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 22, 2004

Fitch rates Educational Loan Revenue Bonds issued by New Hampshire Higher Education Loan Corporation and New Hampshire Health and Education Facilities Authority.

Fitch assigns 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 also affirms the ratings on all outstanding debt that has been issued under the Amended and Restated Indenture 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 provided, and the sound legal structure. The ratings reflect the ability of the trust estate to redeem bonds at maturity and pay timely interest. The ratings do not address the ability of the trust to pay carry-over 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 of FFELP 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 State Management and Resources is the servicer for the portfolio.
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Publication:Business Wire
Date:Apr 22, 2004
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