TEXT-S&P rates Alaska Student Loan 2012B-1, 2012B-2 revs

Sept 6 - Standard & Poor's Ratings Services today assigned its preliminary
'AA-/A-1+' ratings to Alaska Student Loan Corp.'s (the issuer's) education loan
revenue refunding bonds senior series 2012B-1 and 2012B-2 due Dec. 1, 2043
(together, the series 2012B bonds).

The preliminary ratings are based on information as of Sept. 6, 2012.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.

The preliminary ratings reflect our opinion of the credit and liquidity
support that State Street Bank and Trust Co. (State Street; 'AA-/A-1+')
provides in the form of an irrevocable direct-pay letter of credit (LOC).
Under the LOC, State Street fully supports all bond payment obligations when
the bonds are in the term mode of one year or less (the term mode), weekly,
and monthly interest rate reset modes. Therefore, our ratings apply only
during these rate modes. If the bonds are converted to another rate mode, or a
term mode of longer than one year, we will likely withdraw our ratings.

The 'AA-' long-term components of our preliminary ratings are based on our
long-term issuer credit rating on State Street ('AA-') and address full and
timely payments of interest and principal when the bondholders have not
exercised the put option. The 'A-1+' short-term components of our preliminary
ratings are based on our short-term issuer credit rating on State Street
('A-1+') and address full and timely payments of interest and principal when
the bondholders have exercised the put option.

In view of the senior series 2012B bond structure, changes to our rating on
the weekly, monthly, and term-rate bonds can result from, among other things,
changes to our rating on the LOC provider or amendments to the transaction's
terms. We will maintain a rating on the bonds as long as they are in the
weekly, monthly, or term-rate modes and the LOC has not expired or otherwise
terminated. If either of these conditions changes, we will likely withdraw our
ratings on the bonds.

RELATED CRITERIA AND RESEARCH
-- Presale: Alaska Student Loan Corp. - Series 2012B-1 And 2012B-2, Sept.
6, 2012
-- State Street Corp., June 29, 2012
-- Counterparty Risk Framework Methodology and Assumptions, May 31, 2012
-- Global investment Criteria for Temporary Investments In Transaction
Accounts, May 31, 2012
-- Methodology And Assumptions: Approach To Evaluating Letter Of
Credit-Supported Debt, July 6, 2009