Fitch Affirms 25 Classes from CollegeInvest November 1, 1999 Master Trust

NEW YORK--(Business Wire)--
Fitch Ratings has affirmed 25 classes from the Federal Family
Education Loan Program (FFELP) student loan revenue bonds issued by
CollegeInvest November 1, 1999. The transaction was placed 'Under
Analysis' though the monthly SMARTView process due to variance in
performance.

The collateral supporting the bonds consists of federally
guaranteed loans originated under the FFELP. FFELP loans are
guaranteed by an eligible guarantor to at least 97% of principal and
accrued interest, depending on loan origination date. The FFELP loans
are also reinsured by the U.S. Department of Education up to the same
amounts.

Overall, collateral performance for the trust has been consistent
with expectations from a net default and delinquency perspective. The
total parity ratio for the trust as of June 30, 2008 was 100.91% and
is expected to remain stable.

Credit enhancement consists of excess spread, and a debt service
reserve account. Additionally, the class A notes benefit from
subordination provided by the lower priority notes. The excess spread
generated by the trusts has been sufficient to cover any losses and
pay note principal to build credit enhancement.

The student loan portfolio is serviced by Nelnet and ISL Servicing
Corp. (Fitch does not have a seller servicer rating on either
servicer).

The ratings affirmed are as follows:

College Invest November 1, 1999 Master Trust:

--Senior 1999 series IV-A1, 'AAA';

--Senior 1999 series IV-A2, 'AAA';

--Senior 1999 series IV-A4, 'AAA';

--Senior 2001 series V-A, 'AAA';

--Senior 2002 series VII-A1, 'AAA';

--Senior 2002 series VII-A2, 'AAA';

--Senior 2002 series VII-A3, 'AAA';

--Senior 2003 series VIII-A1, 'AAA';

--Senior 2003 series VIII-A2, 'AAA';

--Senior 2004 series IX-A1, 'AAA';

--Senior 2004 series IX-A2, 'AAA';

--Senior 2004 series IX-A3, 'AAA';

--Subordinate 2004 series IX-B4, 'A';

--Senior 2004 series X-A1, 'AAA';

--Senior 2005 series XI-A1, 'AAA';

--Senior 2005 series XI-A2, 'AAA';

--Senior 2005 series XI-A3, 'AAA';

--Senior 2006 series XII-A1, 'AAA';

--Senior 2006 series XII-A2, 'AAA';

--Senior 2006 series XII-A3, 'AAA';

--Senior 2006 series XII-A4, 'AAA';

--Senior 2007 series XIII-A1 'AAA';

--Senior 2007 series XIII-A2 'AAA';

--Subordinate 2007 series XIII-B1 'A';

--Subordinate 2007 series XIII-B2 'A'.

SMARTView is Fitch's monthly process whereby deals are run through
various internal algorithms to identify variances in performance that
would trigger an in depth review. Those deals are classified as 'Under
Analysis'. Those not placed 'Under Analysis' are given a SMARTView
date, indicating no further analysis is required.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Emily Lee, 212-908-0667
Stefanie Leung, 212-908-0826
Sandro Scenga, 212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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