DBRS Assigns Provisional Ratings to Brazos Higher Education Authority, Inc. 1992C Trust, Series 2007

DBRS, Inc. (DBRS) has assigned provisional ratings of AAA to the Student Loan Revenue Bonds, Series 2007 (the Series 2007 Bonds), issued by Brazos Higher Education Authority, Inc. (BHEA) 1992C Trust indenture as follows:

• $71,600,000 Series 2007A-1 at AAA
• $40,400,000 Series 2007A-2 at AAA
• $32,000,000 Series 2007A-3 at AAA
• $16,000,000 Series 2007A-4 at AAA

Finalization of ratings is contingent upon receipt of final documents conforming to information already received.

The Series 2007 Bonds are expected to be issued on February 20, 2007. The Series 2007A-1 Bonds will be offered as tax-exempt 35-day Auction Rate Notes. The Series 2007A-2, A-3 and A-4 Bonds will be offered as taxable 28-day Auction Rate Notes. Auction Rate Note interest will be payable on the first business day following the end of each auction period.

The collateral for the Series 2007 Bonds consists of student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed to at least 97% of defaulted principal and accrued interest by eligible guarantors and reinsured by the U.S. Department of Education (the ED).

Brazos Higher Education Servicing Corporation (BHESC) will serve as the master servicer for the transaction. BHESC has entered into subservicing agreements with ACS Education Services, Inc., CFS-SunTech Servicing LLC, Great Lakes Educational Loan Services, American Education Services, Sallie Mae Servicing and Student Assistance Foundation to provide certain loan servicing duties for student loans held under the indenture. As of the cut-off date, 98.76% of the loan portfolio was serviced by subservicers that have been designated Exceptional Performers by the ED.

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