2009-11-30 19:15:56 -

Fitch Ratings has placed the National Collegiate Trust (NCT) 1999 CP-1 note issued by the First Marblehead Corporation on Rating Watch Negative (RWN). The trust's loss level is significantly above the initial expectation and the trust is producing negative excess spread. The rating action is detailed at the end of this press release.

Fitch's Global Structured Finance Rating Criteria and Private

Student Loan Asset-Backed Securities (ABS) Criteria are applied for the review of the transaction. As of the end of the October 2009 collection period, the cumulative default level is approximately 25.92% of the original total pool loan balance, which is significantly higher than what was expected. The trust is producing negative excesses spread due to high losses and increased costs, including swap payments.

Fitch will conduct a detailed analysis of the transaction for a possible downgrade in the next few months. The review will involve the calculation of the loss multiple that will be referenced to determine the appropriate rating.

The collateral supporting the National Collegiate Trust 1999 CP-1 note consists entirely of private credit student loans originated under First Marblehead Corp.'s Guaranteed Access to Education (GATE) program. The program was created to assist individuals in financing their undergraduate or graduate education beyond what the Federal Family Education Loan Program (FFELP) affords. These private student loans are intended to be used to pay educational costs at the participating institutions. The loans are serviced by Pennsylvania Higher Education Assistance Authority (PHEAA), which Fitch does not rate.

The transaction also benefits from a financial guaranty provided by MBIA Insurance Corp. (MBIA), which is unrated by Fitch. The analysis does not incorporate MBIA's guaranty, but MBIA still remains obligated to insure timely interest and ultimate principal payments on the note.

Fitch places the following note issued by National Collegiate Trust on Rating Watch Negative.

--Series 1999 CP-1 note 'AAA'; Rating Watch Negative.

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 U.S. Private Student Loan ABS Criteria, dated Aug. 24, 2009.

Additional information is available at ' www.fitchratings.com : '.

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Fitch Ratings, New YorkJeff Prackup, 212-908-0839Aoto
Kenmochi, 212-908-0867orMedia Relations:Sandro Scenga,
212-908-0278Email: sandro.scenga@fitchratings.com : mailto:sandro.scenga@fitchratings.com