Fitch Affirms All Connecticut Student Loan Foundation-Indenture of Trust 2004(CT) Bonds

Fitch Ratings affirms the senior student loan bonds at 'AAAsf' and the subordinate bonds at 'AAsf' issued by Connecticut Student Loan Foundation - Indenture of Trust 2004 (CT). The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate note remains Stable. Fitch used its 'Global Structured Finance Rating Criteria' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior notes consists of overcollateralization, subordination provided by the class B note, and projected minimum excess spread, while the subordinated notes benefit from projected excess spread only.

Fitch has taken the following rating actions:

Connecticut Student Loan Foundation - Indenture of Trust 2004 (CT):

--Series 2004 A-1 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-2 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-3 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-4 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-5 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-6 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 A-7 affirmed at 'AAAsf'; Outlook Negative;

--Series 2006 A-1 affirmed at 'AAAsf'; Outlook Negative;

--Series 2006 A-2 affirmed at 'AAAsf'; Outlook Negative;

--Series 2007 A-1 affirmed at 'AAAsf'; Outlook Negative;

--Series 2007 A-3 affirmed at 'AAAsf'; Outlook Negative;

--Series 2004 B affirmed at 'AAsf'; Outlook Stable;

--Series 2006 B affirmed at 'AAsf'; 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 Aug. 4, 2011;

--'U.S.FFELP Student Loan ABS Surveillance Criteria' dated May 10, 2011;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' 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=646569

U.S. FFELP Student Loan ABS Surveillance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=597566

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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