N🟁N

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings expects to rate State Board of Regents of the State of Utah Series 2012-1 (UTAH 2012-1) as follows:

--$518,700,000 2012-1A student loan asset-backed notes, 'AAAsf'(EXP)'; Outlook Negative

Fitch's stress analysis is discussed in the presale titled 'UTAH 2012-1' dated Oct. 1, 2012.

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' (June 6, 2012);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 4, 2012).

Applicable Criteria and Related Research: State Board of Regents of the State of Utah, Series 2012-1

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=690070 ]

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 ]

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.