Fitch Rates 2 Panhandle-Plains Higher Education Authority 2007 Trust Revs 'AAA'.

NEW YORK -- Fitch Ratings assigns the following ratings to two Panhandle-Plains Higher Education Authority, Inc. Amended and Restated 2007 Trust Indenture (1991) (TX) Series 2005 student loan revenue bonds:

-- Class A-4 'AAA';

-- Class A-5 'AAA'.

Both transactions' ratings were inadvertently withdrawn following Fitch's rating withdrawal on MBIA Inc and related entities on June 28, 2008.

The collateral supporting the bonds consists of federally guaranteed loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed by an eligible guarantor to at least 97% of principal and accrued interest, depending on loan origination date. The FFELP loans are also reinsured by the U.S. Department of Education up to the same amounts.

Overall, collateral performance for the trust has been consistent with or better than expectations from a net default and delinquency perspective. As a result, trust parity ratios have been relatively stable.

The servicers for these transactions are PPHEA, along with Nelnet and ACS (rated 'Proficient Plus' by Fitch). PPHEA is a 501(c)(3) nonprofit corporation originally created under the Texas Non-Profit Corporation Act in May 1969 under the name The Opportunity Plan Foundation, Inc. The corporation was reorganized on Aug. 26, 1979, and its articles of incorporation were amended to change its name and purpose. PPHEA is authorized to provide funds for the acquisition of guaranteed student loans made to students attending post-secondary educational institutions and to provide procedures for the servicing of the guaranteed student loans. PPHEA is able to issue tax-exempt debt under its 150(d) designation from the Internal Revenue Code.

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