NEW YORK (Standard&Poor's) Dec. 12, 2003--Standard&Poor's Ratings Services assigned its ratings to Pennsylvania Higher Education Assistance Agency (PHEAA) Student Loan Trust I Series 2003-1's $400 million student loan-backed securities (see list). The ratings assigned to the class A-1 through A-3 student loan-backed securities reflect the 5.0% subordination of the class B-1 notes; the fully funded 1.0% reserve account; and excess spread. The rating on the class B notes reflects the 1.0% reserve account and excess spread. The reserve account has a floor of the greater of $500,000 or 1.0% of the aggregate principal amount of the notes outstanding to provide additional credit support as the pool amortizes. The ratings are further supported by a sound legal
