DBRS Finalizes Ratings of Brazos Higher Education Authority, Inc. 1993-II Trust Series 2006; Rates 25 Other Classes

Dominion Bond Rating Service (DBRS) has today finalized the ratings for the following classes of Student Loan Revenue Bonds, Series 2006 (the 2006 Bonds), issued by Brazos Higher Education Authority, Inc. (BHEA) 1993-II Trust (the Trust):

-- $50,000,000 Series 2006A-11 at AAA
-- $75,300,000 Series 2006A-12 at AAA
-- $75,300,000 Series 2006A-13 at AAA
-- $91,550,000 Series 2006A-14 at AAA
-- $91,550,000 Series 2006A-15 at AAA

DBRS has also assigned ratings to following classes issued by the Trust:

-- Student Loan Revenue Bonds, Series 2005A-5 at AAA
-- Student Loan Revenue Bonds, Series 2005A-4 at AAA
-- Student Loan Revenue Bonds, Series 2005A-3 at AAA
-- Student Loan Revenue Bonds, Series 2005A-2 at AAA
-- Student Loan Revenue Bonds, Series 2005A-1 at AAA
-- Student Loan Revenue Bonds, Series 2004B-1 at A
-- Student Loan Revenue Bonds, Series 2004A-5 at AAA
-- Student Loan Revenue Bonds, Series 2003B-2 at A
-- Student Loan Revenue Bonds, Series 2003A-15 at AAA
-- Student Loan Revenue Bonds, Series 2003A-13 at AAA
-- Student Loan Revenue Bonds, Series 2003B-1 at A
-- Student Loan Revenue Bonds, Series 2003A-10 at AAA
-- Student Loan Revenue Bonds, Series 2003A-5 at AAA
-- Student Loan Revenue Bonds, Series 2003A-3 at AAA
-- Student Loan Revenue Bonds, Series 2001B-2 at A
-- Student Loan Revenue Bonds, Series 2001A-6 at AAA
-- Student Loan Revenue Bonds, Series 2001A-4 at AAA
-- Student Loan Revenue Bonds, Series 2001A-2 at AAA
-- Student Loan Revenue Bonds, Series 1999B-1 at A
-- Student Loan Revenue Bonds, Series 1999A-12 at AAA
-- Student Loan Revenue Bonds, Series 1999A-11 at AAA
-- Student Loan Revenue Bonds, Series 1999A-10 at AAA
-- Student Loan Revenue Bonds, Series 1999A-9 at AAA
-- Student Loan Revenue Bonds, Series 1997A-8 at AAA
-- Student Loan Revenue Bonds, Series 1997A-7 at AAA

The Series 2006A-11 through 2006A-15 bonds were issued on December 7, 2006. The Series 2006A-11 bonds are taxable seven-day auction-rate notes with interest payable on the first business day following the end of each auction period. The Series 2006A-12, 2006A-13, 2006A-14 and 2006A-15 bonds are taxable 28-day auction-rate notes with interest payable on the first business day following the end of each auction period.

The collateral for the notes consists of student loans originated under the Federal Family Education Loan Program (FFELP). FFELP loans are guaranteed to at least 97% of defaulted principal and accrued interest by eligible guarantors and reinsured by the U.S. Department of Education (ED).

Brazos Higher Education Servicing Corporation (BHESC) will serve as the master servicer for the transaction. BHESC has entered into subservicing agreements with ACS Education Services, Inc., CFS-SunTech Servicing LLC, Great Lakes Educational Loan Services, American Education Services, Sallie Mae Servicing, and Student Assistance Foundation to provide certain loan servicing duties for student loans held under the indenture. As of the cut-off date 98.63% of the loan portfolio was serviced by subservicers that have been designated exceptional performers by the ED.

Note:
All figures are in U.S. dollars unless otherwise noted.