Fitch Places 2 Classes of NELF 1993-B on Watch Negative

NEW YORK--(Business Wire)--
Fitch Ratings has placed two classes of notes issued by NELF, Inc. (fka NEBHELP)
- 1993-B Trust (NE) on Rating Watch Negative as follows:

--B 6/1/14 notes 'A';

--B 6/1/28 notes 'A'.

The Negative Watch status reflects Fitch's view that the credit risk of the
notes is worsening given the deterioration in the trust parity. The trust parity
as of March 31, 2009 is 100.00%. As the trust contains only one tranche of notes
with no subordination, this means that there is virtually no hard credit
enhancement remaining to protect noteholders. Parity has continued to decline as
a result of the basis risk resulting from the high fixed-rate coupons on the
bonds and the interest rates on the underlying loans, which are based on the
91-day Treasury rate and the 90-day commercial paper rate.

Fitch will resolve the Rating Watch Negative on the NELF 1993-B notes after
receiving additional information to complete a more in-depth review. The ratings
may be downgraded below investment grade.

The NELF, Inc. (fka NEBHELP) - 1993-B Trust (NE) collateral pool consists of
approximately $27 million of Federal Family Education Loan Program (FFELP)
student loans, which are guaranteed by a third-party and reinsured by the U.S.
Department of Education at a level of at least 97% of principal and accrued
interest, depending on loan origination date.

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, 212-908-0867
Paul Landerman, 212-908-0876
Sandro Scenga, 212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

Copyright Business Wire 2009