Fitch Affirms Washington Student Loan Finance Association 1998 Indenture Senior Notes

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the 'AAA' rating with a Stable Rating Outlook assigned to the senior student loan notes issued by Washington Student Loan Finance Association (WSLFA) 1998 Indenture. Fitch's Global Structured Finance Rating Criteria and FFELP student loan ABS rating criteria, as well as the refined basis risk criteria outlined in the press release 'Fitch to Gauge Basis Risk in Auction-Rate U.S. FFELP SLABS Review Applying Updated Criteria' dated Sept. 22, 2010 were used to review the ratings.

The ratings on the senior bonds are affirmed based on the sufficient level of credit enhancement (consisting of overcollateralization and the projected minimum excess spread) to cover the applicable risk factor stresses.

Fitch has taken the following rating actions:

--1998 A-3 notes at 'AAA/LS1'; Outlook Stable;

--2000 A-1 notes at 'AAA/LS1'; Outlook Stable;

--2001-4 A-2 notes at 'AAA/LS1'; Outlook Stable;

--2002-6 A-3 notes at 'AAA/LS1'; Outlook Stable;

--2002-6 A-4 notes at 'AAA/LS1'; Outlook Stable;

--2003-A1 A-1 notes at 'AAA/LS1'; Outlook Stable;

--2004-8 A-1 notes at 'AAA/LS1'; Outlook Stable;

--2004-8 A-2 notes at 'AAA/LS1'; Outlook Stable.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated Aug. 13, 2010;

--'Rating US Federal Family Education Loan Program Student Loan ABS Criteria' dated April 11, 2008;

--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

Rating US Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=382306

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