DBRS Assigns Provisional Ratings to Access Group, Inc., Series 2008-1

DBRS has today assigned provisional ratings of AAA and “A” to the Student Loan Asset-Backed Notes, Series 2008-1 (the 2008-1 Notes), issued by Access Group, Inc. as follows:

– $427,286,000 Class A-1 at AAA
– $318,159,000 Class A-2 at AAA
– $23,055,000 Class B at “A”

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

The 2008-1 Notes are expected to be issued in or near the week of July 21, 2008. The 2008-1 Notes are indexed to three-month LIBOR (3mL) plus a spread to be determined, with interest payable quarterly on the 25th of each January, April, July and October, beginning October 2008. The 2008-1 Class B notes are subordinate to the Class A notes and will receive principal payments only after the step-down date if no trigger events are in effect.

The collateral for the 2008-1 Notes consists of student loans originated under the Federal Family Education Loan Program (FFELP). All of the loans are guaranteed for up to 97% of defaulted principal and accrued interest by eligible guarantors and reinsured by the U.S. Department of Education (the ED). All of the loans in the portfolio have special allowance payment (SAP) rates based on the 90-day financial commercial paper rate.

Access Group and Kentucky Higher Education Student Loan Corporation are the servicers of the loans in the trust, with Access Group servicing 92% of the loans.

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