Fitch Rates New Hampshire Higher Ed Loan Corp. Education Loan Revenue Bonds.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 has assigned ratings to the following education loan revenue bonds issued by New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Higher Education Loan Corporation. E[acute accent]-- $106,000,000 senior 2006 series A-1 'AAA'. E[acute accent]The ratings are based on the quality of the student loan portfolio, the 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 provided, and the legal structure of the trust. The collateral consists of both 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 loans, as well as alternative loans originated by the issuer which are capped at 24% of the aggregate market value of the trust estate. The ratings address the ability of the trust to pay bond principal at maturity and pay timely interest. The ratings do not address the ability of the auction-rate bondholders to successfully remarket their bonds at an auction now or in the future. E[acute accent]The senior 2006 series A-1 bonds are tax-exempt, 35-day auction-rate securities. Interest is payable semiannually beginning June 1, 2006. The legal final maturity dates for the senior 2006 series A-1 bonds are Dec. 1, 2040. E[acute accent]Credit enhancement for the trust consists of the reserve fund, sized at 2.0% of previously issued bonds outstanding and 0.75% of 2006 bonds outstanding, with a floor of $500,000; and excess spread. In addition, the senior bonds benefit from 12.83% subordination provided by the subordinated bonds. E[acute accent]The New Hampshire Higher Education Loan (the Corporation) is a 501(c)(3) nonprofit corporation incorporated on Feb. 24, 1983 under the laws of the State of New Hampshire for the purpose of providing low-cost financial assistance to eligible students or their parents. The Corporation was formed at the request of the New Hampshire Higher Education Assistance Foundation (the Foundation) in order to originate and service education loans and to provide education loan management services. In 1993 the Corporation was designated as the state's eligible lender under the Higher Education Act The Higher Education Act may refer to an Act of either the Congress of the United States or of the Parliament of the United Kingdom.
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