DBRS Assigns Provisional Ratings to Brazos Higher Educational Authority, Inc. Series 2007

DBRS has today assigned provisional ratings of R-1 (high)/AAA to the Student Loan Revenue Bonds, Series 2007A-5 and Series 2007A-6 issued by Brazos Higher Education Authority, Inc., 1992-II Trust (BHEA) as follows:

-- $90,100,000 Class A-5 at R-1 (high)/AAA
-- $90,100,000 Class A-6 at R-1 (high)/AAA

Finalization of ratings is contingent upon receipt of final documents conforming to information already received.

The 2007 Bonds are expected to be issued on December 21, 2007. The Series 2007 Bonds will be offered as variable rate demand bonds (VRDBs). The VRDBs accrue interest based on a weekly rate determined by the remarketing agent; interest will be payable on the first business day of each month. In addition, the Series 2007 VRDBs benefit from a liquidity facility provided by DEPFA BANK plc.

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). As of the statistical cut-off date of October 31, 2007, a majority of the loans in the portfolio have “special allowance payment” (SAP) rates based on the 90-day commercial paper rate; while the remainder of the loans in the portfolio received SAP based on the 91-day U.S. Treasury Bill.

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., Chase Student Loan 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.

DBRS’s rating definitions and the terms of use of such ratings are available at www.dbrs.com.

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