Fitch Downgrades FSA Insured Alaska Student Loan Corp. - 2005 Indenture of Trust (AK) Bonds

Fitch Ratings downgrades and assigns Negative Rating Outlooks to 10 Financial Security Assurance Inc. (FSA) insured Alaska Student Loan Corp. - 2005 Indenture of Trust (AK) bonds (the bonds) following Fitch's downgrade of FSA's Insurer Financial Strength (IFS). FSA, which provides full support to the transaction, was downgraded to 'AA' with a Negative Outlook on Oct. 12, 2009.

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

Fitch downgrades, removes from Rating Watch Negative, and assigns Outlooks to the following classes of Alaska Student Loan Corp. - 2005 Indenture of Trust:

--Class A 1/1/10 to 'AA' from 'AA+'; Outlook Negative;

--Class A 7/1/10 to 'AA' from 'AA+'; Outlook Negative;

--Class A 1/1/11 to 'AA' from 'AA+'; Outlook Negative;

--Class A 7/1/11 to 'AA' from 'AA+'; Outlook Negative;

--Class A 1/1/12 to 'AA' from 'AA+'; Outlook Negative;

--Class A 7/1/12 to 'AA' from 'AA+'; Outlook Negative;

--Class A 1/1/13 to 'AA' from 'AA+'; Outlook Negative;

--Class A 7/1/13 to 'AA' from 'AA+'; Outlook Negative;

--Class A 1/1/14 to 'AA' from 'AA+'; Outlook Negative;

--Class A 7/1/14 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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