Fitch Rates Michigan Higher Education Student Loan Authority Series XVII I Bonds 'AAA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 17, 2003

Fitch assigns the following ratings to Michigan Higher Education Student Loan Authority's Student Loan Revenue and Refunding Bonds:

Ratings for new issuance:

-- $30,000,000 Student Loan Revenue Bonds, Series-XVII-I, 'AAA';

Ratings affirmed:

-- $15,000,000 Student Loan Revenue Bonds, Series XVII-A, 'AAA';

-- $25,000,000 Student Loan Revenue Bonds, Series XVII-B, 'AAA';

-- $13,400,000 Student Loan Refunding Revenue Bonds, Series

XVII-C, 'AAA';

-- $ 700,000 Student Loan Refunding Revenue Bonds, Series XVII-D,

'AAA';

-- $31,110,000 Student Loan Revenue Bonds, Series XVII-E, 'AAA';

-- $22,025,000 Student Loan Refunding Revenue Bonds,

Series-XVII-F, 'AAA';

-- $30,000,000 Student Loan Revenue Bonds, Series XVII-G, 'AAA';

-- $441,800,000 Student Loan Revenue Bonds and Refunding Revenue

Bonds, Series XVII-H-1 through Series XVII-H-6, 'AAA';

The ratings are based on a note guaranty insurance policy provided by Ambac Assurance Corporation, whose insurer financial strength is rated 'AAA' by Fitch. The rating addresses the timely payment of interest and ultimate payment of principal in accordance with the terms of the security. The rating also reflects the collateral quality and the financial and legal structure.