NEW YORK (Standard&Poor's) Aug. 3, 2006--Standard&Poor's Ratings Services today assigned its 'AAA/A-1' ratings to Pennsylvania Higher Education Assistance Agency's $225 million student loan adjustable-rate revenue bonds 2006 series A. The long-term rating is based on an unconditional, irrevocable financial guarantee insurance policy issued by Ambac Assurance Corp. ('AAA' insurer financial enhancement rating) that guarantees payment of scheduled principal and interest. The short-term rating reflects the likelihood that the purchase price, based on the availability of the liquidity facility provided by Morgan Stanley Bank, will be paid. The short-term rating will expire August 2013, upon the mandatory tender, before the expiration of the liquidity facility. Proceeds from this issuance will be used to provide funds to make
