Fitch SMARTView: 5 U.S. FFELP Student Loan ABS Deals Placed Under Analysis

NEW YORK--(Business Wire)--
Following its monthly surveillance review, Fitch Ratings designated 399 U.S.
FFELP Student Loan ABS transactions with a May 27, 2009 SMARTView date,
indicating that no detailed review is necessary. Five transactions were
designated as 'Under Analysis' indicating that Fitch expects to review the
transaction and issue a rating action within 30 days, which can be an
affirmation, upgrade, downgrade or placement on Rating Watch. Of those five
transactions designated as 'Under Analysis', four have been placed 'Under
Analysis' because Fitch will be reviewing the transactions as part of its
periodic review. The following transaction is being reviewed due to potential
performance issues identified in Fitch's monthly screener process:

--NELF, Inc. (fka NEBHELP) - 1993 Indenture of Trust (NE) 1993-B.

As Fitch receives performance information on student loan ABS transactions from
trustees and servicers, Fitch analysts run the data through various internal
algorithms, or 'screeners,' that identify transactions as possible candidates
for upgrade or downgrade. For student loan ABS, the screener process focuses
mainly on trends in trust parity, an indication of the level of credit
enhancement available to bondholders. Fitch's analysts review the output to
decide which deals require an in-depth analysis, which are noted as 'Under
Analysis', and those deals which can be given a SMARTView date, which indicates
that no additional analysis is required at that time. A deal can also be
designated as 'Under Analysis' when it is coming up for its periodic review or
when review is required following a notification of a change in the terms of the
transaction. SMARTView is available on the Fitch Ratings web site at
www.fitchratings.com along with the report titled 'SMARTView, Fitch U.S.
Structured Finance Monthly Public Reviews'.

SMARTView is a tool that monitors collateral performance in structured finance
bonds and furthers transparency by publicly identifying the deals that Fitch has
identified as requiring a review. To review a list of deals 'Under Analysis' use
the following link (accessible to all users of the Fitch web site):
www.fitchratings.com/smartview

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
Aoto Kenmochi, 212-908-9867
Stefanie Leung, 212-908-0826
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com

Copyright Business Wire 2009