Fitch Rates Academic Management Services Student Loan Issue.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 21, 2002

Fitch rates the following notes issued by Academic Management Services Corp. (AMS-2) 2002, LP:

Ratings for new issuance:

-- $288,000,000 floating-rate student loan-backed notes, class A 'AAA';

-- $12,000,000 floating-rate student loan-backed notes, class B 'A+'.

The ratings are based on the quality of the collateral; the reserve fund, initially sized at 1% of the original outstanding student loan pool balance with a minimum of $750,000, the ability of the transaction to pass stressful cash flow tests at each rating level; and the sound legal structure. In addition, the ratings on the class A notes are based on the 4% subordination provided by the class B notes.

The ratings reflect the ability of the trust to pay principal at maturity and timely interest. The ratings do not address the ability of the trust to pay carryover interest in excess of the student loan rate, nor do they address the ability of the issuer to redeem the notes prior to the final stated maturity.

The collateral securing the notes are 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 origination date, and reinsured by the U.S. Department of Education up to the same amounts.

Academic Management Services Corp., as servicer, has contracted with AFSA Data Corp and Sallie Mae Servicing L.P. to service the loans.

Lehman Brothers served as lead underwriter.