The ratings assigned to Rhode Island Student Loan Authority's (RISLA) student loan program revenue bonds series 2008B-1, B-2, B-3, B-4, and B-5 are based on the irrevocable, direct-pay letter of credit (LOC) provided by State Street Bank&Trust Co. The ratings apply to the bonds when they are in the weekly interest rate mode and the annual rate in the long interest rate mode (see Structural Overview). The long-term 'AA' ratings reflect the likelihood that principal and interest will be paid to maturity based primarily on State Street Bank&Trust Co.'s credit support. The short-term 'A-1+' ratings reflect the likelihood of repayment based on the liquidity support that the LOC provides for optional and mandatory tenders. The LOC
