Press Release

DBRS Confirms the Ratings on Five Brazos Indentures

Student Loans
March 27, 2009

DBRS has today confirmed the ratings on the outstanding bonds issued by the following five indentures (the Indentures):

-- Brazos Higher Education Authority, Inc. 1992C Indenture
-- Brazos Higher Education Authority, Inc. 1993A/C Indenture
-- Brazos Higher Education Authority, Inc. 1993B Indenture
-- Brazos Student Finance Corporation 1995 Indenture
-- Educational Funding Services, Inc. 2005 Indenture

The rating confirmations reflect DBRS’s opinion that requested extension of the recycling period for each of the Indentures, from April 15, 2009, to October 15, 2010, and the execution of a Supplemental Indenture to each of the Indentures that permits the purchase at a discount voluntarily tendered notes issued by each trust will not result in a qualification, withdrawal or downgrade of any of the ratings assigned by DBRS to outstanding bonds issued under the Indentures.

It is the intention of the issuers to use the recycling provision to apply student loan principal collections to purchase additional trust collateral at a discount and to redeem voluntarily tendered notes acquired at a discount in order to increase the parity levels of the trusts.

Notes:
The applicable methodology is FFELP Student Loan ABS Criteria, which can be found on our website under Methodologies.

This is a Structured Finance rating.

Ratings

  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.