(Editor's note: In this analysis, originally published May 12, 2003, the expiry date was misstated in the rationale. A corrected version follows.) The long-term ratings assigned to Pennsylvania Higher Education Assistance Agency's (PHEAA) 2003 series A-1 and A-2 student loan adjustable-rate revenue bonds are based on an unconditional, irrevocable financial guarantee insurance policy provided by Ambac Assurance Corp. ('AAA' insurer financial strength rating) that guarantees payment of scheduled principal and interest. The short-term rating reflects the likelihood of payment of the purchase price based on the availability of the liquidity facility provided by Dexia Bank ('A-1+'). The rating will expire April 30, 2010, upon the mandatory tender before the expiration of the liquidity facility. Although the 'AAA' rating is dependent
