Printer Friendly

MAINE EDUCATIONAL LOAN AUTH. BONDS 1992A-1 'AAA', 1992A-2 'A' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

MAINE EDUCATIONAL LOAN AUTH. BONDS 1992A-1 'AAA', 1992A-2 'A' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, May 7 /PRNewswire/ -- The Maine Educational Loan Authority ("MELA")'s educational loan revenue bonds series 1992A supplemental education loan program series 1992A-1 bonds are rated 'AAA' by Fitch. MELA's Series 1992A-2 bonds are rated 'A'.
 The 'AAA' rating for series 1992A-1 ($35 million) is based on the high quality of the existing student loan portfolio, the credit enhancement provided by the subordination of the educational loan revenue refunding bonds series 1992A-2, 1992A-3, and 1992A-4, and the 10 percent reserve fund, the underwriting capabilities of Nellie Mae, Inc. under MELA's guidelines, the sound legal structure, and the excellent servicing provided by Education Loan Services, Inc. ("ELSI").
 The series 1992A-2 ($22.5 million) rating is based upon the quality of the student loan portfolio, the support of series 1992A-3 and 1992A-4, and the reserve fund.
 The proceeds of the tax-exempt (except series 1992A-4) special limited revenue bonds will be used to refund MELA's $35 million variable rate demand bonds series 1988A. As part of the refunding, a $24 million student loan portfolio (MELA originations) collateralizing the series 1988A bonds will be pledged as security for the 1992A bonds. Proceeds will also be used to originate or acquire new loans, to fund the reserve accounts, and to pay issuance and operating expenses.
 MELA loans are made to Maine residents attending any approved institution in the United States or Canada and to out-of-state students attending an approved institution in Maine. Approved institutions include accredited degree-granting schools providing education beyond the high school level. Proprietary schools are not permitted. All loans are made based on the borrower's current creditworthiness, not financial need. Funds not used to originate loans by December 1995 will be used to retire bonds.
 MELA's loans are guaranteed by the Education Resources Institute (TERI). TERI is a national, not-for-profit, private guarantor of education loans and the largest U.S. guarantor of non-federally reinsured student loans. TERI is not entitled to reinsurance from the Department of Education. Education Loan Services, Inc., a wholly-owned subsidiary of TERI, is the servicer. ELSI is the largest student loan servicer in New England.
 -0- 5/7/92
 /CONTACT: Gracen R. Fraser, 212-908-0520, or Mary E. Griffin 212-908-0537, both of Fitch/ CO: Maine Educational Loan Authority ST: Maine IN: SU: RTG


TQ -- NY064 -- 7613 05/07/92 12:12 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1992
Words:399
Previous Article:UNITED FASHIONS REPORTS DELAY IN FILING FORM 10-K
Next Article:CAMPBELL PLEDGES IMPROVEMENT AT SUN COMPANY
Topics:


Related Articles
CHASE MORTGAGE FINANCE SERIES 1992A CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
DENVER (COLO.) $76.4 MILLION GO'S RATED 'AA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
BURKE CO. (GA) DEVELOPMENT AUTHORITY BONDS RATED 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
SLFC, INC. NOTES 'AAA', STUDENT LOAN FNDG. BONDS 'A/BBB' BY FITCH -- FITCH FINANCIAL WIRE --
NORWALK (CT.) MARITIME CENTER AUTH. GTD. BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
NEBRASKA HIGHER EDUCATION LOAN PROGRAM SENIOR BONDS 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
LOUISIANA PUBLIC FACILITIES AUTHORITY'S $25 MILLION REVENUE BONDS, SERIES 1995A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MAINE EDUCATIONAL LOAN MARKETING SENIOR STUDENT LOAN REVENUE BONDS 'AAA' BY FITCH - FITCH FINANCIAL WIRE -
TRANSACTIONS BACKED BY CREDIT SUISSE PLACED ON FITCH ALERT -- FITCH FINANCIAL WIRE --
Missouri Health and Educational Facilities Authority Lutheran Senior Services $25M Revs. Rated 'A-' By Fitch -- Fitch Financial Wire --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters