Fitch Rates State Board of Regents of the State of Utah Series 2012-1

Fitch Ratings has assigned ratings to the State Board of Regents of the State of Utah Series 2012-1 (UTAH 2012-1) as follows:

--$518,700,000 2012-1 Student Loan Asset-Backed Notes 'AAAsf'; 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:

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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