NEW YORK (Standard&Poor's) July 19, 2007--Standard&Poor's Ratings Services today assigned its 'AAA/A-1' ratings to Pennsylvania Higher Education Assistance Agency's $400 million student loan adjustable-rate revenue bonds 2007 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 July 19, 2017, at which time there will be a mandatory tender for all bondholders. The proceeds from this issuance will be used to provide
