Fitch Downgrades Access to Loans for Student Loan Corp. Ser II Indenture Sr Notes

2009-05-01 17:44:02 -

Fitch Ratings downgrades short-term ratings on 12 senior variable-rate notes from the following Federal Family Education Loan Program (FFELP) student loan program revenue bonds issued by Access to Loans for Learning Student Loan Corporation (ALLSLC). The short-term ratings are based on the stand-by purchase agreement between ALLSLC and Depfa Bank, the liquidity facility.

ALLSLC - series II

--Class A-1 to

'F1' from 'F1+';

--Class A-2 to 'F1' from 'F1+';

--Class A-3 to 'F1' from 'F1+';

--Class A-4 to 'F1' from 'F1+';

--Class A-5 to 'F1' from 'F1+';

--Class A-6 to 'F1' from 'F1+';

--Class A-7 to 'F1' from 'F1+';

--Class A-8 to 'F1' from 'F1+';

--Class A-9 to 'F1' from 'F1+';

--Class A-10 to 'F1' from 'F1+';

--Class A-11 to 'F1' from 'F1+'; and

--Class A-12 to 'F1' from 'F1+'.

The collateral supporting the bonds consists of federally guaranteed loans originated under the FFELP. FFELP loans are guaranteed by an eligible guarantor to at least 97% of principal and accrued interest, depending on the loan origination date. The FFELP loans are also reinsured by the U.S. Department of Education up to the same amounts.

The trust is serviced by Sallie Me Inc. (Proficient Plus), Great Lakes Education (Proficient Plus), ACS Education Services (Proficient Plus, and All Student Loan Servicing Corporation.

For more information on Depfa Bank's rating downgrade see the release titled 'Fitch Downgrades Hypo Real Estate Group and subsidiaries to 'A-'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com :

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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 YorkEmily Lee, +1-212-908-0667Aoto
Kenmochi, +1-212-908-0867Media Relations:Sandro Scenga,
+1-212-908-0278 sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com