NEW YORK (Standard & Poor's) May 29, 2003--Standard & Poor's Ratings Services today assigned its ratings to New Jersey Higher Education Student Assistance Authority's $212 million student loan revenue bonds 2003 series A, B, C, D, and E (see list). The ratings are based on an unconditional, irrevocable municipal bond insurance policy that guarantees payment of scheduled principal and interest provided by MBIA Insurance Corp. (MBIA; 'AAA' insurer financial strength rating). Although the rating is dependent on Standard & Poor's financial strength rating on MBIA, the underlying transaction is of investment-grade quality, based on the following: -- Overcollateralization that builds to 102% before the expected peak loss period; -- A moral obligation provision that requires the state of New Jersey
