Fitch Affirms Missouri Higher Education Loan Authority 11th General Resolution Rev Bonds Sr Notes

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings affirms the long-term ratings on the senior notes of the Missouri Higher Education Loan Authority (MOHELA) under the 11th General Resolution. The Rating Outlook remains Stable. A complete list of rating actions is at the end of this press release. The trust has sufficient credit enhancement for the senior notes as senior parity continues to increase.

Fitch's Global Structured Finance Rating Criteria was used to review the ratings and the affirmations are based on the performance of the trust which is within Fitch's expectation. The existence of auction rate securities has not had a significant impact on the trust performance. The Stable Outlook has been maintained because, with the significant buildup of parity for the senior notes, the ratings are expected to remain stable for the next two years. The subordinate student loan notes will be reviewed separately upon the completion of the updated basis risk analysis.

The collateral supporting MOHELA 11th General Resolution notes consist entirely of federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed at least 97% of principal and accrued interest, depending on the loan origination date. The student loans are serviced by MOHELA, Pennsylvania Higher Education Assistance Agency (AES), ACS Education Services, and Great Lakes Educational Loan Services, Inc.

Fitch affirms the ratings and maintains a Stable Outlook on the following senior classes of MOHELA 11th General Resolution notes:

--Senior Series 1994 C, 'AAA/LS1' Outlook Stable;

--Senior Series 1994 D, 'AAA/LS1' Outlook Stable;

--Senior Series 1996 I, 'AAA/LS1' Outlook Stable;

--Senior Series 1996 J, 'AAA/LS1' Outlook Stable;

--Senior Series 1997-3 R, 'AAA/LS1' Outlook Stable;

--Senior Series 1998-2 Y, 'AAA/LS1' Outlook Stable;

--Senior Series 1998-2 Z, 'AAA/LS1' Outlook Stable;

--Senior Series 1999-4 MM, 'AAA/LS1' Outlook Stable;

--Senior Series 2000 SS, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 A, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 B, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 C, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 D, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 E, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 UU, 'AAA/LS1' Outlook Stable;

--Senior Series 2001 VV, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 B 5.10%, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 C, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 D, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 E, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 F, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 G, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 H, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 I, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 J, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 K, 'AAA/LS1' Outlook Stable;

--Senior Series 2002 L, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 A, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 B, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 C, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 D, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 E, 'AAA/LS1' Outlook Stable;

--Senior Series 2003 F, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 A, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 B, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 C, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 D, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 E, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 F, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 G, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 H, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 I, 'AAA/LS1' Outlook Stable;

--Senior Series 2004 J, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-1, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-2, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-3, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-4, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-5, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-6, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-7, 'AAA/LS1' Outlook Stable;

--Senior Series 2006 F-8, 'AAA/LS1' Outlook Stable;

--Senior Series 2007 G, 'AAA/LS1' Outlook Stable;

--Senior Series 2007 H, 'AAA/LS1' Outlook Stable.

The following applicable criteria report is available on Fitch's web site at 'www.fitchratings.com':

--'Global Structured Finance Rating Criteria' dated Sept. 30, 2009.

Additional information is available at 'www.fitchratings.com'.

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