2009-11-11 22:50:02 -

Fitch Ratings affirms the long- and short-term ratings of the Minnesota Office of Higher Education's supplemental student loan program revenue bonds, 2008 series A (taxable) and series B (tax-exempt) (together, the bonds) at 'AA-' and 'F1+', respectively. In addition, Fitch has assigned a Stable Rating Outlook to the long-term ratings. Fitch's Global Structured Finance Rating Criteria and Rating Guidelines for

Letter of Credit-Supported Bonds were used to review the ratings.

The ratings are based on the support provided by a direct-pay letter of credit (LOC) issued by U.S. Bank, N.A. (U.S. Bank), providing full support to the bonds. U.S. Bank is obligated to make payments of principal and interest on the bonds upon maturity, acceleration and redemption, as well as the purchase price for tendered bonds.

The following applicable criteria reports are available on Fitch's web site at ' www.fitchratings.com : '.

--'Global Structured Finance Rating Criteria' dated Sept. 30, 2009; and

--'Rating Guidelines for Letter of Credit-Supported Bonds' dated April 29, 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: 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, New YorkPaul Landerman, 212-908-0876Aoto
Kenmochi, 212-908-0867orMedia Relations:Sandro Scenga,
212-908-0278Email: sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com