Wyoming student loan corporation

Business Editors

NEW YORK--(BUSINESS WIRE)--April 14, 2004

Fitch rates the following notes issued by Wyoming Student Loan Corporation (WSLC):

Ratings for new issuance:

-- $16,000,000 student loan revenue refunding bonds, senior

series 2004A 'AAA';

-- $14,000,000 student loan revenue bonds, senior series 2004B

'AAA'.

Ratings affirmed on existing debt:

-- $50,000,000 student loan revenue bonds, senior series 2002A

'AAA';

-- $20,000,000 student loan revenue refunding bonds, senior

series 2002B 'AAA';

-- $30,000,000 student loan revenue bonds, senior series 2001A

'AAA';

-- $33,200,000 student loan revenue bonds, senior series 2000A

'AAA';

-- $10,000,000 student loan revenue bonds, subordinate series

2000B 'A'.

The ratings are based on the quality of the student loan portfolio; the reserve fund, sized at 2% of the aggregate principal amount of bonds outstanding, with a minimum of $500,000; the ability of the transaction to pass cash flows at each rating level; and the sound legal structure. In addition, the ratings on the Senior Series 2004A, 2004B, 2002A, 2002B, 2001A, 2001B and 2000A Bonds are based on the 5.7% subordination provided by the Subordinate Series 2000B Bonds.

The ratings reflect 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 carryover interest, nor do they address the ability of the auction rate bondholders to successfully redeem their bonds at an auction now or in the future.

The series 2004 bonds are being issued pursuant to the sixth supplemental indenture, dated as of April 14, 2004 to the Trust Indenture, dated as of March 1, 2000. The proceeds of the series 2004A bonds will be used to refinance the 1995A bonds of a separate trust indenture.

The tax-exempt senior series 2004A and 2004B bonds are 35-day reset auction mode securities. Interest is payable every 6 months on each June 1 and Dec. 1, and is subject to a maximum auction rate. The legal final maturity for the 2004A and 2004B bonds is April 2039.

The collateral securing the bonds are loans originated under the Federal Family Education Loan Program (FFELP). The loans are guaranteed at either 100% or 98% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and reinsured by the U.S. Department of Education up to the same amounts.

WSLC performs loan servicing and collections on the portfolio. Education Assistance Service Corporation, Inc. will service the loans during the in school and grace periods.

Wyoming Student Loan Corporation is a 501(c)(3), nonprofit corporation organized and existing under the laws of the State of Wyoming. WSLC was incorporated in 1980 for the purpose of assuring that all eligible post-secondary education students have access to guaranteed student loans. The Corporation is empowered to (i) originate or acquire student loans insured by the Dept. of Ed or (ii) guaranteed by USAF or another guarantor and reinsured by the Dept. of Ed. WSLC is also an eligible lender under the HEA and can issue tax-exempt debt under its 150(d) tax status.

RBC Dain Rauscher served as lead underwriter on this transaction.