NEW YORK (Standard&Poor's) Dec. 30, 2008--Standard&Poor's Ratings Services today lowered its short-term ratings on two Pennsylvania Higher Education Assistance Agency LOC-supported bond issues (see list). The downgrades follow our Dec. 19, 2008, rating actions on several large complex banks (see "Twelve Major U.S. And European Financial Institutions Have Ratings Lowered, Outlooks Revised" on RatingsDirect at www.ratingsdirect.com). The short-term ratings on the affected issues are based on an LOC (letter of credit) provided by Morgan Stanley Bank N.A. ('A-1'), which provides for the full and timely payment of interest and principal according to the transactions' terms. The long-term ratings on these transactions are based on an insurance policy provided by Ambac Assurance Corp. ('A'). RATINGS LOWERED Pennsylvania
