Press Release

Fitch Affirms 8 classes of Arizona Higher Education Loan Authority 2005 Trust Indenture

Fitch Ratings-New York-20 August 2009: Fitch Ratings affirms eight classes of the Federal Family Education Loan Program (FFELP) student loan asset-backed notes issued by Arizona Higher Education Loan Authority (AHELA). The affirmation is based on the increased trust parity, as well as the determination that operational risk related to Student Loan Express, Inc. (SLX) is not present.

The transaction was placed ‘under analysis’ on July 21, 2009 in connection with the downgrade of CIT Group, Inc. (CIT), the parent company of SLX. SLX was originally the master servicer and program administrator for the transaction. CIT’s IDR rating was downgraded to ‘RD’ on August 17th, following the completion of the tender offer.

Fitch confirmed that SLX has resigned as master servicer and program administrator and AHELA has assumed those roles as of September 2008. In addition, the collateral performance is in line with expectations, as the senior and total parity (currently, 114.38% and 101.01%, respectively) have been increasing as of March 31, 2009.

The collateral supporting the bonds consists of 100 % federally guaranteed loans originated under the FFELP. FFELP loans are guaranteed by an eligible guarantor to at least 97% of principal and accrued interest, depending on the loan origination date. The FFELP loans are also reinsured by the U.S. Department of Education up to the same amounts.

Arizona Higher Education Loan Authority – 2005 Trust Indenture

---Class 2005 A-1 at ‘AAA’;
---Class 2005 A-2 at ‘AAA’;
---Class 2005 B at ‘A’;
---Class 2006 A-1 at ‘AAA’;
---Class 2006 A-2 at ‘AAA’;
---Class 2006 B at ‘A’;
---Class 2007 A-1 at ‘AAA’;
---Class 2007 B at ‘A’.

Contact: Jeffrey Prackup +1-212-908-0839or Aoto Kenmochi +1-212-908- 0867, New York.

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