NEW YORK (Standard&Poor's) Aug. 8, 2006--Standard&Poor's Ratings Services today assigned its 'AAA' rating to Rhode Island Student Loan Authority's $100 million student loan program revenue bonds series 2006. The rating is based on the unconditional and irrevocable bond insurance policy provided by Ambac Assurance Corp. (Ambac; 'AAA' insurer financial enhancement rating) that guarantees the payment of scheduled principal and interest. Although the rating is dependent on Ambac's insurer financial enhancement rating, the underlying transaction is investment-grade quality based on the structural features that limit the recycling and withdrawal of funds; a debt service reserve account; and the use of experienced servicing agents, such as Nelnet Loan Services Inc. and Pennsylvania Higher Education Assistance Authority. The series
