Standard&Poor's Ratings Services assigned short-term ratings to two of the participants in the Iowa Higher Education Loan Authority's private education working capital loan program, revenue anticipation note (RAN) pool, series 2008, issued for the following private colleges and universities: Dordt College, $2.6 million series 2008A RANs, rated SP-1; and University of Dubuque, $7.25 million series 2008B RANs, rated SP-1. The notes are issued for several private higher-education institutions. RAN proceeds will be used for working capital loans to each institution, which are all nonprofit 501(c)3 corporations in Iowa. Each series of notes is secured by the full faith and credit pledge of that specific participating institution. The ratings reflect the underlying credit quality of each private educational institution
