Fitch Rates CollegeInvest Student Loan Issuance.

NEW YORK -- Fitch has assigned ratings to the following student loan revenue obligations issued by CollegeInvest (formerly Colorado Student Obligation Bond Authority or CSOBA):

Ratings for new issuance:

--$38,500,000 student loan revenue bonds, senior 2004 series IX-A1 'AAA';

--$38,525,000 student loan revenue bonds, senior 2004 series IX-A2 'AAA';

--$96,000,000 taxable student loan revenue notes, senior 2004 series IX-A3 'AAA';

--$6,000,000 student loan revenue bonds, senior 2004 series IX-B4 'A'.

Existing debt:

--$65,000,000 student loan revenue bonds, senior 2003 series VIII-A1 'AAA';

--$120,000,000 taxable student loan revenue notes, senior 2003 series VIII-A2 'AAA';

--$32,000,000 Student Loan Revenue Bonds, Senior 2002 Series VII-A1 'AAA';

--$16,000,000 student loan revenue bonds, senior 2002 series VII-A2 'AAA';

--$62,000,000 taxable student loan revenue notes, senior 2002 series VII-A3 'AAA';

--$36,250,000 student loan revenue bonds, senior 2001 series V-A 'AAA';

--$53,941,000 taxable student loan revenue notes, senior 2001 series VI-A 'AAA'.

--$64,900,000 taxable student loan revenue notes, senior 1999 series IV-A1 'AAA';

--$64,900,000 taxable student loan revenue notes, senior 1999 series IV-A2 'AAA';

--$19,300,000 student loan revenue bonds, senior 1999 series IV-A4 'AAA';

--$21,000,000 student loan asset-backed bonds, senior subordinate 1995 series II-B 'A'.

The ratings are based on the high quality of the Federal Family Education Loan Program (FFELP) student loan collateral, the credit enhancement within the trust, and the sound legal structure of the transaction. The ratings reflect the ability of the trust estate to redeem the notes and bonds at maturity and pay timely interest. The ratings do not address the ability of the holders of remarketing notes to tender their notes at a remarketing date, the ability of the trust to pay carry-over interest, nor do they address the ability of auction-rate bondholders or noteholders to successfully redeem their obligations at an auction now or in the future.

The senior 2004 series IX obligations are issued under the ninth series trust indenture, dated July 1, 2004, between CollegeInvest and Bank of New York. The ninth series trust indenture supplements the amended and restated trust indenture, dated as of Nov. 1, 1999. Proceeds from the senior 2004 series IX obligations will be used to acquire and originate FFELP student loans. Funding of the reserve account and costs of issuance will be paid through a contribution from CollegeInvest.

The senior 2004 series IX-A1, IX-A2, and subordinate series IX-B4 bonds are tax-exempt, with interest based on the 35-day auction rate. Interest is payable semiannually, and the legal final maturity date is June 1, 2038.

The senior 2004 series IX-A3 notes are taxable and will be indexed to the three-month London Interbank Offered Rate (LIBOR) plus a spread, with the first remarketing date expected to occur five years after closing. At each series IX-A3 remarketing date, the notes will be remarketed and pay interest at a floating rate indexed to LIBOR, or the 'AA' financial commercial paper (CP) rate, plus a spread, to be determined. The legal final maturity date is June 1, 2033.

The collateral securing each series of bonds consists entirely of Federal Family Education Loan Program (FFELP) student loans. Depending upon origination date, these loans are guaranteed up to 98% and 100% of principal and accrued interest by an eligible guarantor and re-insured by the U.S. Department of Education (ED).

Nelnet Loan Services Inc. and the Colorado Student Loan Program (CSLP) will service the portfolio.

CollegeInvest was created in 1979 to assists Colorado residents in meeting the expenses of higher education opportunities. Originally created as a political subdivision of the State of Colorado, on May 26, 2000 CSOBA became a division of the Colorado Department of Higher Education.

The sole underwriter on this transaction is RBC Dain Rauscher.