Acs education student loan

NEW YORK -- Fitch assigns ratings to the following student loan revenue bonds issued by Brazos Higher Education Authority (Brazos):

-- $78,500,000 student loan revenue bonds, senior series 2005A-1, 'AAA'.

Additionally, Fitch confirms the ratings on the following outstanding debt issued from the trust, originally dated as of June 1, 1993:

-- $25,100,000 student loan revenue bonds, senior series 1999A-7, 'AAA';

-- $37,100,000 student loan revenue bonds, senior series 1999A-8, 'AAA';

-- $100,000,000 student loan revenue bonds, taxable senior series 1999A-9, 'AAA';

-- $100,000,000 student loan revenue bonds, taxable senior series 1999A-10, 'AAA';

-- $90,000,000 student loan revenue bonds, taxable senior series 1999A-11, 'AAA';

-- $84,700,000 student loan revenue bonds, taxable senior series 1999A-12, 'AAA';

-- $30,500,000 student loan revenue bonds, taxable subordinate series 1999B-1, 'A';

-- $32,000,000 student loan revenue refunding bonds, senior series 2001A-2, 'AAA';

-- $78,600,000 student loan revenue bonds, taxable senior series 2001A-3, 'AAA';

-- $79,000,000 student loan revenue bonds, taxable senior series 2001A-4, 'AAA';

-- $79,000,000 student loan revenue bonds, taxable senior series 2001A-5, 'AAA';

-- $79,000,000 student loan revenue bonds, taxable senior series 2001A-6, 'AAA';

-- $32,400,000 student loan revenue bonds, taxable subordinate series 2001B-2, 'A';

-- $48,700,000 student loan revenue refunding bonds, senior series 2003A-3, 'AAA';

-- $98,800,000 student loan revenue bonds, taxable senior series 2003A-4, 'AAA';

-- $50,200,000 student loan revenue bonds, taxable senior series 2003A-5, 'AAA';

-- $78,300,000 student loan revenue bonds, taxable senior series 2003A-6, 'AAA';

-- $78,200,000 student loan revenue bonds, taxable senior series 2003A-7, 'AAA';

-- $78,200,000 student loan revenue bonds, taxable senior series 2003A-8, 'AAA';

-- $78,200,000 student loan revenue bonds, taxable senior series 2003A-9, 'AAA';

-- $39,000,000 student loan revenue bonds, taxable senior series 2003A-10, 'AAA';

-- $86,300,000 student loan revenue bonds, taxable senior series 2003A-11, 'AAA';

-- $86,200,000 student loan revenue bonds, taxable senior series 2003A-12, 'AAA';

-- $86,200,000 student loan revenue bonds, taxable senior series 2003A-13, 'AAA';

-- $86,200,000 student loan revenue bonds, taxable senior series 2003A-14, 'AAA';

-- $43,100,000 student loan revenue bonds, taxable senior series 2003A-15, 'AAA';

-- $39,000,000 student loan revenue bonds, taxable senior series 2003B-1, 'A';

-- $43,100,000 student loan revenue bonds, taxable subordinate series 2003B-2, 'A';

-- $67,400,000 student loan revenue bonds, taxable senior series 2004A-1, 'AAA';

-- $67,400,000 student loan revenue bonds, taxable senior series 2004A-2, 'AAA';

-- $67,300,000 student loan revenue bonds, taxable senior series 2004A-3, 'AAA';

-- $66,200,000 student loan revenue bonds, taxable senior series 2004A-4, 'AAA';

-- $30,000,000 student loan revenue bonds, taxable senior series 2004A-5, 'AAA';

-- $33,000,000 student loan revenue bonds, taxable subordinate series 2004B-1, 'A';

The ratings are based on the quality of the student loan portfolio, the credit enhancement provided, and the sound legal structure of the transaction. The collateral in the trust consists of 100% Federal Family Education Loan Program (FFELP) loans. The trust benefits from a reserve fund sized at the sum of either 0.75% or 1.00% of the aggregate principal amount of the bonds outstanding for each of the nine trust issuances, with a $500,000 minimum. The senior series bonds also benefit from 7.8% subordination provided by the subordinate bonds in the trust. The ratings address the ability of the trust to redeem bonds at maturity and pay timely interest. The ratings do not address the ability of the trust to pay carry-over interest, nor do they address the ability of auction-rate bondholders to successfully redeem their bonds at an auction now or in the future.

The proceeds of the series 2005 A-1 bonds are being used to acquire student loans, make deposits to certain accounts, including the reserve fund, and pay costs of issuance. The series 2005 A-1 bonds are tax exempt, 35-day auction rate bonds with interest payable semi-annually on June 1 and Dec. 1. The legal final maturity date for the series 2005 A-1 bonds is Dec. 1, 2039.

The issuer is Brazos Higher Education Authority, Inc., a nonprofit 501(c)(3) corporation organized in 1975 under the Texas Non-Profit Corporation Act and also operates pursuant to Chapter 53, Texas Education Code on behalf of the City of Waco, Texas. Brazos issues tax-exempt debt under its 150(d) designation by the Internal Revenue Code as a qualified scholarship funding corporation. Brazos is also affiliated with Brazos Higher Education Service Corp. and Brazos Student Finance Corp. Fitch currently rates transactions by both Brazos Student Finance Corp. and Brazos Higher Education Authority, Inc.

Brazos Higher Education Service Corporation, Inc. is the master servicer and ACS Education Services, CSF-SunTech Servicing LLC, Great Lakes Education Loan Servicing, Inc., Pennsylvania Higher Education Assistance Agency, and Sallie Mae Servicing act as subservicers of the student loans.

The lead underwriter on this transaction was Citigroup.