NEW YORK (Standard&Poor's) May 17, 2007--Standard&Poor's Ratings Services today assigned its 'AAA' rating to New Jersey Higher Education Student Assistance Authority's (HESAA) $275 million student loan revenue bonds 2007 series A, B, C, and D. The rating is based primarily on a financial guarantee insurance policy provided by MBIA Insurance Corp. (MBIA; 'AAA' insurer financial enhancement rating) that guarantees payment of principal and interest on the bonds. Standard&Poor's has determined that, even before the issuance of MBIA's policy, the transaction is of investment-grade quality, based on a debt service reserve fund and excess spread. The 2007 bonds are being issued to finance the purchase of eligible student loans; pay the costs of issuance; and
