Fitch Ratings has assigned the following ratings to the Montana Higher Education Student Assistance Corporation senior series 2012-A bonds:

--$191,000,000 student loan revenue bonds, senior series 2012-A-1 'AAAsf'; Outlook Negative;

--$649,000,000 student loan revenue bonds, senior series 2012-A-2 'AAAsf'; Outlook Negative;

--$305,300,000 student loan revenue bonds, senior series 2012-A-3 'AAAsf'; Outlook Negative.

Fitch's stress analysis is discussed in the presale titled 'Montana Higher Education Student Assistance Corporation, Senior Series 2012-A', dated April 30, 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' (Aug. 4, 2011);

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

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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