NEW YORK (Standard & Poor's) April 19, 2006--Standard & Poor's Ratings Services today assigned its ratings to New Jersey Higher Education Student Assistance Authority's $225 million student loan revenue bonds 2006 series A, B, C, and D (see list). The ratings are based on an unconditional, irrevocable financial guarantee insurance policy issued by MBIA Insurance Corp. (MBIA; 'AAA' insurer financial enhancement rating) that guarantees payment of scheduled principal and interest on each series of the 2006 bonds. Although the rating is dependent on Standard & Poor's financial strength rating of MBIA, the underlying transaction is of investment-grade quality, based on: -- A moral obligation provision that requires the state of New Jersey to maintain the debt service reserve fund at
