NEW YORK (Standard & Poor's) May 30, 2003--Standard & Poor's Ratings Services today assigned its 'AAA' rating to Vermont Student Assistance Corp.'s $360.9 million education loan revenue bonds series 2003. The ratings are based primarily on a financial guaranty insurance policy provided by Ambac Assurance Corp. ('AAA' insurer financial strength rating) that guarantees payment of principal and interest on the bonds. Standard & Poor's has determined that the transaction is of investment-grade quality, before issuance of the financial guaranty policy, based on overcollateralization, a reserve fund, and excess spread. All series are auction-rate certificates maturing as follows: -- Series EE: Dec. 13, 2005; -- Series FF: June 15 2009 and Dec. 13 2012; -- Series GG: June 13, 2012; --
