Fitch Rates Brazos Higher Education Authority Student Loan Revs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. assigns the following ratings to the $218,100,000 Brazos Higher Education Authority The Higher Education Authority[1] (HEA) is the authority in Ireland with responsibility for higher education since 1968 and placed on a statutory basis in 1971. The authority supports HEAnet, part of the GEANT network. (BHEA) student loan revenue bonds: -- $50,000,000 senior series 2006A-7 'AAA'; -- $50,300,000 senior series 2006A-8 'AAA'; -- $58,900,000 senior series 2006A-9 'AAA'; -- $58,900,000 senior series 2006A-10 'AAA'. In addition, Fitch affirms the following BHEA debt: -- $56,950,000 student loan revenue bonds, senior series 2006A-1 at 'AAA'; -- $243,050,000 student loan revenue bonds, senior series 2006A-2 at 'AAA'; -- $174,500,000 student loan revenue bonds, senior series 2004A-6 through A-11 at 'AAA'; -- $73,000,000 student loan revenue bonds, senior series 2004A-12 at 'AAA'; -- $65,800,000 student loan revenue bonds, senior series 2004A-13 at 'AAA'; -- $32,900,000 student loan revenue bonds, senior series 2004A-14 at 'AAA'; -- $37,000,000 student loan revenue bonds, subordinate series 2004C-1 at 'A'; -- $12,400,000 student loan revenue refunding bonds, senior series 2002A-4 at 'AAA'; -- $44,500,000 student loan revenue refunding bonds, senior series 2002A-6 at 'AAA'; -- $71,100,000 student loan revenue refunding bonds, senior series 2002A-8 at 'AAA'; -- $177,400,000 student loan revenue refunding bonds, senior series 2002A-10 through A-12 at 'AAA'; -- $52,500,000 student loan revenue bonds, subordinate series 2002C-1 and C-2 at 'A'; -- $11,400,000 student loan revenue refunding bonds, senior series 2001A-7 at 'AAA'; -- $23,500,000 student loan revenue bonds, subordinate series 2001C-1 at 'A'; -- $11,000,000 student loan asset-backed bonds, subordinate series 2000B-1 at 'A'; -- $26,000,000 student loan asset-backed bonds, subordinate series 2000C-1 at 'A'; -- $16,900,000 student loan revenue refunding bonds, senior series 1998A-1 through 1998A-2 at 'AAA'; -- $35,000,000 student loan revenue bonds, senior series 1998A-3 at 'AAA'; -- $4,950,000 student loan revenue refunding bonds, senior series 1998A-4 at 'AAA'; -- $35,000,000 student loan revenue bonds, senior series 1997A-1 at 'AAA'; -- $3,000,000 student loan revenue refunding bonds, senior Series 1997A-3 at 'AAA'; -- $38,300,000 student loan revenue bonds, senior series 1994A-1 at 'AAA'. The ratings are based on the quality of Federal Family Education Loan Program The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents. (FFELP FFELP Federal Family Education Loan Program ) student loan portfolio, the transaction's sound legal structure and level of 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 . The ratings reflect the ability of the trust estate to pay note principal at the legal final maturity and timely interest. The ratings do not address the ability of the trust to pay carry-over interest, nor do they address the ability of auction rate noteholders to successfully redeem their notes at an auction now or in the future. The notes are being issued pursuant to an Amended and Restated Indenture of Trust dated Dec. 1, 2006. The proceeds of notes will be used to purchase student loans, pay accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. and premiums, make a deposit to the reserve fund, and to pay costs of issuance. The notes are 28-day auction rate securities with interest payable on the first business day following an auction period. The legal final maturity date for the notes is Dec. 1, 2042. BHEA is a Texas non-profit corporation. Its principal office is located in Waco, TX. It is authorized to provide funds for the acquisition of student loans and other charitable and educational purposes. Brazos Higher Education Service Corporation, Inc. is the master servicer for the trust and will oversee the operational duties of the subservicers. The subservicers for the FFELP portfolio are ACS (Asynchronous Communications Server) See network access server. Education Services, Inc., CFS-SunTech Servicing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Pennsylvania Higher Education Assistance Agency The Pennsylvania Higher Education Assistance Agency, or "PHEAA", headquartered in Harrisburg, Pennsylvania, with regional offices throughout the state , is the quasi-governmental agency that administers several State higher education student financial aid programs. , Sallie Mae Servicing L.P and Great Lakes Educational Loan Services, Inc. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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