DBRS Assigns Final Ratings to GCO Education Loan Funding Master Trust-II, Series 2006-2

Dominion Bond Rating Service (DBRS) has assigned final ratings of AAA through “A” to the various Classes of Student Loan Asset-Backed Notes, Series 2006-2, issued by GCO Education Loan Funding Master Trust-II.

-Class A-1L rated at AAA
-Class A-2L rated at AAA
-Class A-3L rated at AAA
-Class A-1RRN rated at AAA
-Class A-1AR rated at AAA
-Class A-2AR rated at AAA
-Class A-3AR rated at AAA
-Class A-4AR rated at AAA
-Class B-1AR rated at A
-Class B-2AR rated at A
-Class B-3AR rated at A

The 2006-2 Notes are being issued on September 27, 2006. The 2006-2 Class A-1L, A-2L and A-3L Notes are indexed to three-month LIBOR plus a spread with interest payable quarterly on the 25th of each February, May, August and November, beginning November 2006. The 2006-2 Class A-1RRN Notes are Canadian dollar-denominated Reset-Rate Notes that are indexed to one-month CDOR plus a spread with interest payable quarterly on the 10th of each February, May, August and November, beginning November 2006. The initial reset date for the Class A-1 RRN notes is September 10, 2013. The 2006-2 Class A-1AR, A-2AR, A-3AR, A-4AR, B-1AR, B-2AR and B-3AR Notes are taxable 28-day Auction-Rate Notes with interest payable on the first business day following the end of each auction period.

The collateral for the Notes consists of student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed for at least 97% of defaulted principal and accrued interest by eligible guarantors and reinsured by the U.S. Department of Education (ED). All of the loans in the portfolio have “special allowance payment” rates based on the 90-day commercial paper rate.

Note: All figures are in U.S. dollars unless otherwise noted.