Fitch Comments on MHESAC 1993 Rating Agency Notification

NEW YORK--(BUSINESS WIRE)--Fitch Ratings currently maintains 'AAA/LS1'; Outlook Stable ratings on the outstanding senior notes and 'B/LS3'; Outlook Stable ratings on the outstanding subordinate notes issued from Montana Higher Education Assistance Corp. (MHESAC), 1993 Master Trust (the bonds).

MHESAC has requested that Fitch confirm existing ratings of the above-mentioned bonds upon the execution of a Nineteenth Supplemental Indenture, dated as of July 15, 2011 (the Supplement), which supplements and amends the Indenture of Trust dated as of Aug. 1, 1993, as supplemented and amended. Consistent with its statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirmations (May 8, 2009), Fitch is treating this request as a notification.

Upon the execution of the Supplement, Wells Fargo Bank (Wells Fargo), N.A., which currently serves as the indenture trustee, will be appointed as back-up administrator. Wells Fargo will be entitled to a back-up administrator fee paid by the trust out of its administrative expenses. Student Assistance Foundation, a Montana nonprofit organization, will remain the trust administrator and servicer.

After reviewing the Supplement, Fitch has determined that it will not have an impact on the existing ratings of the bonds. This determination only addresses the effect of the Supplement on the current ratings assigned by Fitch to the bonds. It does not address whether the Supplement is permitted by the terms of the transaction documents, nor does it address whether it is in the best interests of, or prejudicial to, some or all of the holders of the bonds.

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

Applicable Criteria and Related Research:

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria', dated April 7, 2011;

--'Global Structured Finance Rating Criteria', dated Sept. 30, 2009;

--'Fitch Clarifies Policy for Structured Finance Rating Confirmations', dated Jan. 13, 2009;

--'Fitch Clarifies Policy on Student Loan ABS Confirmation Requests', dated May 8, 2009.

Applicable Criteria and Related Research:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

Global Structured Finance Rating Criteria

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. 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.