TEXT-Fitch affirms New York Higher Ed Finance Auth 2009A revs

Tue Nov 20, 2012 11:13am EST

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Nov 20 - Fitch Ratings affirms the ratings on the State of New York Higher
Education Finance Authority (NYHEFA), New York Higher Education Loan Program
Education Loan Revenue Bonds, 2009 Series A (NYHELPs 2009-A). The Rating Outlook
is Stable.

The collateral consists entirely of private student loans originated by NYHEFA.
The affirmations of the notes are based on sufficient level of credit
enhancement in the trust, consisting of overcollateralization and projected
minimum excess spread to cover the credit loss. The collateral is still
unseasoned, since the origination period recently ended in May 2012. Fitch's
default assumption remains the same at 10.50% and the recovery rate is assumed
at 35%. Since the loans and the bonds possess fixed interest rates, there is no
basis risk in this transaction. The trust's parity is reported to be 121.29% as
of Aug. 30, 2012.

Fitch affirms the following ratings:

State of New York Higher Education Finance Authority (NYHEFA), New York Higher
Education Loan Program Education Loan Revenue Bonds, 2009 Series A (NYHELPs
2009-A):

--Serial 2012 at 'A+sf'; Outlook Stable;
--Serial 2013-1 at 'A+sf'; Outlook Stable;
--Serial 2013-2 at 'A+sf'; Outlook Stable;
--Serial 2014-1 at 'A+sf'; Outlook Stable;
--Serial 2014-2 at 'A+sf'; Outlook Stable;
--Serial 2014-3 at 'A+sf'; Outlook Stable;
--Serial 2015-1 at 'A+sf'; Outlook Stable;
--Serial 2015-2 at 'A+sf'; Outlook Stable;
--Serial 2015-3 at 'A+sf'; Outlook Stable;
--Serial 2016-1 at 'A+sf'; Outlook Stable;
--Serial 2016-2 at 'A+sf'; Outlook Stable;
--Serial 2016-3 at 'A+sf'; Outlook Stable;
--Serial 2017-1 at 'A+sf'; Outlook Stable;
--Serial 2017-2 at 'A+sf'; Outlook Stable;
--Serial 2018-1 at 'A+sf'; Outlook Stable;
--Serial 2018-2 at 'A+sf'; Outlook Stable;
--Serial 2019-1 at 'A+sf'; Outlook Stable;
--Serial 2019-2 at 'A+sf'; Outlook Stable;
--Serial 2020-1 at 'A+sf'; Outlook Stable;
--Serial 2020-2 at 'A+sf'; Outlook Stable;
--Super Sinker 2022 at 'A+sf'; Outlook Stable;
--Serial 2022 at 'A+sf'; Outlook Stable;
--Serial 2023 at 'A+sf'; Outlook Stable;
--Serial 2024 at 'A+sf'; Outlook Stable;
--Term 2024 at 'A+sf'; Outlook Stable;
--Serial 2025 at 'A+sf'; Outlook Stable;
--Serial 2026-1 at 'A+sf'; Outlook Stable;
--Serial 2026-2 at 'A+sf'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated June 6, 2012;
--'U.S. Private Student Loan ABS Criteria' dated Jan. 31, 2012.

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Private Student Loan ABS Criteria
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