Oct. 22, 2009 (Business Wire) -- Fitch Ratings downgrades and assigns a Negative Rating Outlook to the state guaranteed, student loan revenue bonds of Illinois Student Assistance (ISAC) - series 2009 insured by Assured Guaranty Corp (AGC). This is subsequent to Fitch's downgrade of AGC's Insurer Financial Strength (IFS). AGC, which provides full support to the transaction, was downgraded to 'AA-', Outlook Negative on Oct. 12, 2009. A complete list of rating actions is at the end of this press release.

Fitch's Global Structured Finance Rating Criteria were used to review the ratings. Fitch was not provided with sufficient information to assess the credit quality of the transaction on a stand-alone basis absent the AGC policy, and therefore, the ratings on the bonds will continue to be based solely on AGC's IFS rating. Assignment of Negative Outlook is also based on AGC's Outlook.

Fitch downgrades, removes from Rating Watch Negative, and assigns Outlooks to the following classes of Illinois Student Assistance (ISAC) - series 2009 state guaranteed student loan revenue bonds:

-- Class 20009 to 'AA-' from 'AA'; Outlook Negative.

The following applicable criteria report is available on Fitch's web site at 'www.fitchratings.com': 'Global Structured Finance Rating Criteria' dated Sept. 30, 2009.

Additional information is available at 'www.fitchratings.com'.

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