Fitch to Rate PHEAA Student Loan Trust 2012-1; Presale Issued

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings expects to rate PHEAA Student Loan Trust Series 2012-1, student loan-backed notes as follows:

--$533,600,000 floating rate Class A notes 'AAAsf(EXP)'; Outlook Negative.

Fitch's stress analysis is discussed in the presale titled 'PHEAA Student Loan Trust 2012-1', dated Nov. 5, 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 3, 2012).

Applicable Criteria and Related Research: PHEAA Student Loan Trust 2012-1

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=693700

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

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