Fitch Rates Access to Loans for Learning Student Loan Corp. Series-A-13

Business Wire, Oct 26, 2004

NEW YORK -- Fitch rates the following bonds issued by Access to Loans for Learning Student Loan Corporation (ALL Student Loan):

Ratings for new issuance:

--$200,000,000 student loan program revenue bonds, senior series IV-A-13 'AAA'.

Ratings affirmed on existing debt:

--$61,000,000 student loan program revenue bonds, senior series IV-A-1 'AAA';

--$61,000,000 student loan program revenue bonds, senior series IV-A-2 'AAA';

--$35,000,000 student loan program revenue bonds, senior series IV-A-3 'AAA';

--$25,000,000 student loan program revenue bonds, senior series IV-A-4 'AAA';

--$61,500,000 student loan program revenue bonds, senior series IV-A-5 'AAA';

--$107,911,000 student loan program revenue bonds, senior series IV-A-6 'AAA';

--$34,500,000 student loan program revenue bonds, senior series IV-A-7 'AAA';

--$34,000,000 student loan program revenue bonds, senior series IV-A-8 'AAA';

--$25,500,000 student loan program revenue bonds, senior series IV-A-9 'AAA';

--$23,200,000 student loan program revenue bonds, senior series IV-A-10 'AAA';

--$38,800,000 student loan program revenue bonds, senior series IV-A-11 'AAA';

--$38,700,000 student loan program revenue bonds, senior series IV-A-12 'AAA';

--$30,000,000 student loan program revenue bonds, subordinate series IV-C-1 'A';

--$10,000,000 student loan program revenue bonds, subordinate series IV-C-2 'A'.

Fitch assigns an 'AAA' rating to the student loan program revenue bonds, senior series IV-A-13 (LIBOR floating-rate notes). Fitch also affirms the 'AAA' senior and 'A' subordinate ratings on the above captioned outstanding debt.

The ratings are based on the quality of the student loan portfolio; the credit enhancement provided; and the sound legal structure of the transaction.

The ratings reflect the ability of the trust to redeem bonds at maturity and pay timely interest. The ratings do not address the ability of the trust to pay carryover interest, nor do they address the ability of the auction-rate bondholders to successfully redeem their bonds at an auction now or in the future.

The series IV-A-13 bonds are issued under the Seventh Supplemental Indenture dated Oct. 1, 2004 to the Trust Indenture, dated as of May 1, 1998.

Proceeds from the new bond issuance will be used to finance eligible student loans, redeem senior series IV-A1 and IV-A-2 bonds, and to pay costs of issuance.

Interest on the taxable series IV-A-13 bonds is based on three-month LIBOR plus 0.20%, payable quarterly commencing Jan. 25, 2005. Principal on the series IV-A-13 bonds will be redeemed based on a targeted amortization schedule beginning on July 25, 2008, and quarterly thereafter until the final targeted amortization payment date of Oct. 25, 2016. The series IV-A-13 bonds are not subject to optional redemption, however they may be specially redeemed from moneys in the loan account not used to acquire eligible loans by the end of the acquisition period on Dec. 31, 2005. The legal final maturity date for series IV-A-13 is April 25, 2024.

The collateral securing the bonds are loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at least 98% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and are reinsured by the U.S. Department of Education up to the same amounts.

Sallie Mae Servicing, ACS Educational Services, Inc. and Great Lakes Educational Loan Services (GLELSI) provide loan servicing to this portfolio.

ALL Student Loan, previously known as Student Education Loan Marketing Corp. (SELMAC), is a non-profit public benefit corporation organized and existing under the laws of the State of California. The company is a 501 (c)(3) and is exempt from federal income tax.

UBS Financial Services Inc. served as the lead underwriter on this transaction.