NEW YORK (Standard&Poor's) April 25, 2003--Standard&Poor's Ratings Services today assigned its 'AAA/A-1+' ratings to Pennsylvania Higher Education Assistance Agency's (PHEAA) $75 million student loan adjustable-rate revenue bonds series A-1 and $75 million student loan adjustable-rate revenue bonds series A-2. The long-term ratings are based on an unconditional, irrevocable financial guarantee insurance policy provided by Ambac Assurance Corp. ('AAA' financial strength rating) that guarantees payment of scheduled principal and interest. The short-term rating reflects the likelihood of payment of the purchase price based on the availability of the liquidity facility provided by Dexia Bank (A-1+). The rating will expire Aug. 30, 2003, upon the mandatory tender before the expiration of the liquidity facility. Although the 'AAA' rating
