NEW YORK (Standard&Poor's) Aug. 10, 2006--Standard&Poor's Ratings Services today assigned its ratings to Pennsylvania Higher Education Assistance Agency's $500 million floating-rate student loan revenue notes series 2006 (see list). The ratings assigned to the class A-1, A-2, and A-3 notes reflect the 5% subordination of the class B-1 notes, the fully funded 0.25% reserve account, and the excess spread. The rating assigned to the class B notes reflects the 0.25% reserve account and excess spread. The reserve account has a floor of $729,541 to provide additional credit support as the pool amortizes. The ratings are further supported by a sound legal structure, federal reinsurance of at least 97% of loan principal and interest, and transaction features
