Fitch Rates Access Group's Federal Student Loan A-B Notes Series 2004-1.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 6, 2004

Fitch Ratings has assigned ratings to the following Access Group Inc. federal student loan asset-backed notes, series 2004-1 notes:

New Issuance:

-- $53,728,000 class A-1 floating-rate notes 'AAA';

-- $414,672,000 class A-2 floating-rate notes 'AAA';

-- $65,000,000 class A-3 auction-rate notes 'AAA';

-- $65,000,000 class A-4 auction-rate notes 'AAA';

-- $65,000,000 class A-5 auction-rate notes 'AAA';

-- $64,100,000 class A-6 auction-rate notes 'AAA';

-- $22,500,000 class B auction-rate notes 'A'.

The ratings on the notes are based on the quality of the student loan portfolio; the excess spread; the ability of the notes to pass stressful cash flow tests at each rating level; and the sound legal structure. In addition, the ratings on the senior classes of notes reflect credit enhancement in the form of 3.50% subordination provided by the class B subordinate notes.

The ratings reflect the ability of the trust estate to redeem the notes at maturity and pay accrued interest. The ratings do not address any carry-over interest that may accrue on the notes nor do they address the ability of the trust to auction the collateral pool prior to the stated maturity of the notes.

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.

Deutsche Bank Securities served as the lead underwriter on the transaction.