[June 29, 2011]

Fitch Affs Connecticut Student Loan Foundation-Indenture of Trust 2004(CT) Sr Bonds; Upgrs Sub Bonds

Fitch Ratings affirms the senior student loan bonds at 'AAAsf' and upgrades the subordinate bonds to 'AAsf' issued by Connecticut Student Loan Foundation - Indenture of Trust 2004 (CT). The Rating Outlook remains Stable on the senior and subordinate bonds. Fitch used its 'Global Structured Finance Rating Criteria' and 'FFELP Student Loan ABS (News - Alert) Rating Criteria', as well as the refined basis risk criteria outlined in Fitch's press release 'Fitch to Gauge Basis Risk in Auction-Rate U.S. FFELP SLABS Review Appling Updated Criteria' dated Sept. 22, 2010 to review the ratings.

The ratings on the senior bonds are affirmed based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. The ratings on the subordinate notes are upgraded based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses. Although the trust parity is reported to be at 103.37%, Fitch applied the release level parity of 102.50% to the analysis.

Fitch has taken the following rating actions:

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

--Series 2004 A-1 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 A-2 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 A-3 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 A-4 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 A-5 affirmed at 'AAAsf/L1'; Outlook Stable;

--Series 2004 A-6 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 A-7 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2006 A-1 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2006 A-2 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2007 A-1 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2007 A-3 affirmed at 'AAAsf/LS1'; Outlook Stable;

--Series 2004 B upgraded to 'AAsf/LS3' from 'A+sf/LS3'; Outlook Stable;

--Series 2006 B upgraded to 'AAsf/LS3' from 'A+sf/LS3'; Outlook Stable;

--Series 2007 B-2 upgraded to 'AAsf/LS3' from 'A+sf/LS3'; Outlook Stable.

Additional information is available at 'www.fitchratings.com'

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated Aug. 13, 2010;

--'U.S.FFELP Student Loan ABS Rating Criteria' dated April 11, 2008;

--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' dated June 29, 2010.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

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 (News - Alert) 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.

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