Fitch Affirms and Assigns Stable Outlook to PHEAA 1997 Indenture Senior Notes

NEW YORK--(Business Wire)--
Fitch Ratings affirms and assigns a Stable Rating Outlook to the senior student
loan notes of the Pennsylvania Higher Education Assistance Agency (PHEAA) 1997
Trust Indenture. The trust has been producing excess spread, and the parity for
the senior notes are at 103.37% as of Sept. 30, 2009 and increasing. A complete
list of rating actions is at the end of this press release.

Fitch's Global Structured Finance Rating Criteria were used to review the
ratings and the affirmation is based on the performance of the trust in-line
with the expectation. The existence of auction-rate securities has not had a
significant impact on the trust performance. The Stable Outlook is assigned
because, with the significant buildup of parity for the senior notes, the
ratings are expected to remain stable for the next two years. The subordinate
student loan notes, which are currently rated 'A+', will be reviewed separately
upon the completion of the updated basis risk analysis.

The collateral supporting the PHEAA 1997 Trust Indenture notes consist entirely
of federally guaranteed student loans originated under the Federal Family
Education Loan Program (FFELP). FFELP loans are guaranteed at least 97% of
principal and accrued interest, depending on the loan origination date. AES,
which does not carry a Fitch Seller/Servicer Rating, services 100% of the loans.

Fitch affirms the ratings and assigns Outlooks to the following senior classes
of Pennsylvania Higher Education Assistance Agency 1997 Trust Indenture notes:

--Senior series A at 'AAA'; Outlook Stable;

--Senior series C at 'AAA'; Outlook Stable;

--Senior series D at 'AAA'; Outlook Stable;

--Senior series F-1 at 'AAA'; Outlook Stable;

--Senior series F-2 at 'AAA'; Outlook Stable;

--Senior series F-3 at 'AAA'; Outlook Stable;

--Senior series s H at 'AAA'; Outlook Stable;

--Senior series J-1 at 'AAA'; Outlook Stable;

--Senior series J-2 at 'AAA'; Outlook Stable;

--Senior series J-3 at 'AAA'; Outlook Stable;

--Senior series J-4 at 'AAA'; Outlook Stable;

--Senior series L-1 at 'AAA'; Outlook Stable;

--Senior series L-2 at 'AAA'; Outlook Stable;

--Senior series N-1 at 'AAA'; Outlook Stable;

--Senior series N-2 at 'AAA'; Outlook Stable;

--Senior series P-1 at 'AAA'; Outlook Stable;

--Senior series P-2 at 'AAA'; Outlook Stable;

--Senior series R-1 at 'AAA'; Outlook Stable;

--Senior series R-2 at 'AAA'; Outlook Stable;

--Senior series T-1 at 'AAA'; Outlook Stable;

--Senior series T-2 at 'AAA'; Outlook Stable;

--Senior series T-3 at 'AAA'; Outlook Stable;

--Senior series T-4 at 'AAA'; Outlook Stable;

--Senior series T-5 at 'AAA'; Outlook Stable;

--Senior series V-1 at 'AAA'; Outlook Stable;

--Senior series V-2 at 'AAA'; Outlook Stable;

--Senior series V-3 at 'AAA'; Outlook Stable;

--Senior series V-4 at 'AAA'; Outlook Stable;

--Senior series W-1 at 'AAA'; Outlook Stable;

--Senior series W-2 at 'AAA'; Outlook Stable;

--Senior series Y-1 at 'AAA'; Outlook Stable;

--Senior series Y-2 at 'AAA'; Outlook Stable;

--Senior series Y-3 at 'AAA'; Outlook Stable;

--Senior series Y-4 at 'AAA'; Outlook Stable;

--Senior series Z-1 at 'AAA'; Outlook Stable;

--Senior series Z-2 at 'AAA'; Outlook Stable;

--Senior series Z-3 at 'AAA'; Outlook Stable;

--Senior series Z-4 at 'AAA'; Outlook Stable;

--Senior series AA-1 at 'AAA'; Outlook Stable;

--Senior series AA-2 at 'AAA'; Outlook Stable;

--Senior series AA-3 at 'AAA'; Outlook Stable;

--Senior series BB-1 at 'AAA'; Outlook Stable;

--Senior series BB-2 at 'AAA'; Outlook Stable;

--Senior series BB-3 at 'AAA'; Outlook Stable;

--Senior series BB-4 at 'AAA'; Outlook Stable;

--Senior series CC-1 at 'AAA'; Outlook Stable;

--Senior series CC-2 at 'AAA'; Outlook Stable;

--Senior series CC-3 at 'AAA'; Outlook Stable;

--Senior series DD-1 at 'AAA'; Outlook Stable;

--Senior series DD-2 at 'AAA'; Outlook Stable;

--Senior series EE-1 at 'AAA'; Outlook Stable;

--Senior series EE-2 at 'AAA'; Outlook Stable;

--Senior series EE-3 at 'AAA'; Outlook Stable;

--Senior series EE-4 at 'AAA'; Outlook Stable;

--Senior series GG-1 at 'AAA'; Outlook Stable;

--Senior series GG-2 at 'AAA'; Outlook Stable;

--Senior series GG-3 at 'AAA'; Outlook Stable;

--Senior series GG-4 at 'AAA'; Outlook Stable;

--Senior series GG-5 at 'AAA'; Outlook Stable;

--Senior series GG-6 at 'AAA'; Outlook Stable;

--Senior series HH-1 at 'AAA'; Outlook Stable;

--Senior series HH-2 at 'AAA'; Outlook Stable;

--Senior series HH-3 at 'AAA'; Outlook Stable;

--Senior series HH-4 at 'AAA'; Outlook Stable;

--Senior series HH-5 at 'AAA'; Outlook Stable;

--Senior series HH-6 at 'AAA'; Outlook Stable;

--Senior series HH-7 at 'AAA'; Outlook Stable;

--Senior series HH-8 at 'AAA'; Outlook Stable;

--Senior series HH-9 at 'AAA'; Outlook Stable;

--Senior series HH-10 at 'AAA'; Outlook Stable;

--Senior series JJ-1 at 'AAA'; Outlook Stable;

--Senior series JJ-2 at 'AAA'; Outlook Stable;

--Senior series JJ-3 at 'AAA'; Outlook Stable;

--Senior series JJ-4 at 'AAA'; Outlook Stable;

--Senior series JJ-5 at 'AAA'; Outlook Stable;

--Senior series JJ-6 at 'AAA'; Outlook Stable;

--Senior series JJ-7 at 'AAA'; Outlook Stable;

--Senior series JJ-8 at 'AAA'; Outlook Stable;

--Senior series JJ-9 at 'AAA'; Outlook Stable;

--Senior series JJ-10 at 'AAA'; Outlook Stable;

--Senior series LL-1 at 'AAA'; Outlook Stable;

--Senior series LL-2 at 'AAA'; Outlook Stable;

--Senior series LL-3 at 'AAA'; Outlook Stable;

--Senior series LL-4 at 'AAA'; Outlook Stable;

--Senior series LL-5 at 'AAA'; Outlook Stable;

--Senior series LL-6 at 'AAA'; Outlook Stable;

--Senior series LL-7 at 'AAA'; Outlook Stable;

--Senior series LL-8 at 'AAA'; Outlook Stable;

--Senior series LL-9 at 'AAA'; Outlook Stable;

--Senior series LL-10 at 'AAA'; Outlook Stable;

--Senior series MM-1 at 'AAA'; Outlook Stable;

--Senior series MM-2 at 'AAA'; Outlook Stable;

--Senior series MM-3 at 'AAA'; Outlook Stable;

--Senior series MM-4 at 'AAA'; Outlook Stable;

--Senior series MM-5 at 'AAA'; Outlook Stable;

--Senior series MM-6 at 'AAA'; Outlook Stable.

The following applicable criteria report is available on Fitch's web site at
'www.fitchratings.com': 'Global Structured Finance Rating Criteria' dated Sept.
30, 2009.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE '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
Paul Landerman, +1-212-908-0876
Aoto Kenmochi, +1-212-908-0867 (New York)
Media Relations:
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