TEXT - Fitch affirms Minnesota Office of Higher Education

Mon Nov 19, 2012 2:09pm EST

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Nov 19 - Fitch Ratings affirms at 'AA-sf' the student loan notes issued by
the Minnesota Office of Higher Education Supplemental Student Loan Program
Revenue Bonds 2010 Series (MOHE). The Rating Outlook remains Stable. 

The ratings on the notes are affirmed based on a sufficient level of credit 
enhancement consisting of any combination of subordination, 
overcollateralization, and projected minimum excess spread to cover the 
applicable risk factor stresses.

Fitch provided the Trust with a two notch upgrade to account for the moral 
obligation provided to the Trust by the state of Minnesota. Fitch is aware of 
MOHE's volatile parity, which was anticipated due to the Trust still being in 
its origination phase and experiencing negative carry.

Fitch has taken the following rating actions:

Minnesota Office of Higher Education Supplemental Student Loan Program Revenue 
Bonds 2010 Series:

--$360,000 fixed-rate bonds maturing on Nov. 1, 2013 affirmed at 'AA-'; Outlook 
Stable;

--$1,135,000 fixed-rate bonds maturing on Nov. 1, 2014 affirmed at 'AA-'; 
Outlook Stable;

--$1,090,000 fixed-rate bonds maturing on Nov. 1, 2015 affirmed at 'AA-'; 
Outlook Stable;

--$1,925,000 fixed-rate bonds maturing on Nov. 1, 2016 affirmed at 'AA-'; 
Outlook Stable;

--$1,120,000 fixed-rate bonds maturing on Nov. 1, 2016 affirmed at 'AA-'; 
Outlook Stable;

--$2,315,000 fixed-rate bonds maturing on Nov. 1, 2017 affirmed at 'AA-'; 
Outlook Stable;

--$1,940,000 fixed-rate bonds maturing on Nov. 1, 2017 affirmed at 'AA-'; 
Outlook Stable;

--$500,000 fixed-rate bonds maturing on Nov. 1, 2018 affirmed at 'AA-'; Outlook 
Stable;

--$4,405,000 fixed-rate bonds maturing on Nov. 1, 2018 affirmed at 'AA--'; 
Outlook Stable;

--$1,500,000 fixed-rate bonds maturing on Nov. 1, 2019 affirmed at 'AA-'; 
Outlook Stable;

--$3,100,000 fixed-rate bonds maturing on Nov. 1, 2019 affirmed at 'AA-'; 
Outlook Stable;

--$4,185,000 fixed-rate bonds maturing on Nov. 1, 2020 affirmed at 'AA-'; 
Outlook Stable;

--$3,625,000 fixed-rate bonds maturing on Nov. 1, 2021 affirmed at 'AA-'; 
Outlook Stable;

--$26,200,000 fixed-rate bonds maturing on Nov. 1, 2029 affirmed at 'AA-'; 
Outlook Stable.
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