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NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings affirms the ratings on the senior and subordinate student loan revenue bonds, issued by Illinois Student Assistance Commission(ISAC) under the 2002 General Resolution, dated July 29, 2002. The Rating Outlook is Negative on the senior bonds and Stable on the subordinate bonds. A full rating list is shown below.

The collateral supporting the notes is comprised of student loans originated under the Federal Family Education Loan Program (FFELP). The Rating Outlook is Stable. The Negative Outlook on the senior notes is tied to the Outlook on the U.S. sovereign rating.

Fitch used its 'Global Structured Finance Rating Criteria' and 'U.S. FFELP Student Loan ABS Rating Criteria' to review the ratings.

Fitch affirms the ratings on the ISAC 2002 senior and subordinate bonds based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B notes. Although the current total parity for the trust is 114.75%, the trust can release cash to the 101.5% total parity release level. Therefore, Fitch applied this cash release level in calculating credit enhancement for the trust.

Fitch has taken the following rating actions:

Illinois Student Assistance Commission 2002 General Resolution,

Senior Student Loan Revenue Bonds:

--Series 2002 Class I-3 paid-in-full;

--Series 2003 Class IV-1 paid-in-full;

--Series 2004 Class VI-3 paid-in-full;

--Series 2005 Class VIII-1 affirmed at 'AAAsf'; Outlook Negative;

--Series 2005 Class VIII-2 affirmed at 'AAAsf'; Outlook Negative;

--Series 2005 Class VIII-3 affirmed at 'AAAsf'; Outlook Negative;

--Series 2005 Class VIII-5 affirmed at 'AAAsf'; Outlook Negative;

--Series 2005 Class VIII-6 affirmed at 'AAAsf'; Outlook Negative;

--Series 2005 Class VIII-8 paid-in-full.

Illinois Student Assistance Commission 2002 General Resolution,

Subordinate Student Loan Revenue Bonds:

--Series 2002 Class II affirmed at 'Asf'; Outlook Stable;

--Series 2005 Class IX-1 affirmed at 'Asf'; Outlook Stable.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated June 6, 2012;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS', dated April 3, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923 ]

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202 ]

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