OVERVIEW On Jan. 18, 2011, and on Feb. 2, 2011, we placed our ratings on the series 2005-1 notes issued out of Iowa Student Loan Liquidity Corp. and the series 1999, 2000, and 2005 notes issued out of New Jersey Higher Education Assistance Authority's 1998 master trust, respectively, on CreditWatch negative after updating our criteria for assessing counterparty risk on Dec. 6, 2010. After further analysis, we have determined that the ratings on these transactions are not affected by their counterparty exposure as there are sufficient mitigating factors to the counterparty risk present in each transaction. We affirmed the ratings on the series 1999, 2000, and 2005 notes issued out of New Jersey Higher Education Assistance Authority's 1998 master trust
