[January 09, 2013]

Fitch Affirms Senior Notes of Brazos Higher Education Authority, Inc. Series 2011-1

Fitch Ratings has affirmed the senior notes issued by Brazos Higher Education Authority, Inc. series 2011-1 at 'AAAsf'. The Rating Outlook is Negative. The Negative Outlook is tied to the U.S. sovereign rating.

Fitch used its 'Global Structured Finance Rating Criteria,' 'U.S. FFELP Student Loan ABS (News - Alert) Rating Criteria,' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

The ratings on the senior notes are affirmed based on the sufficient level of credit to cover the applicable risk factor stresses. Credit enhancement for the notes consists of overcollateralization and projected minimum excess spread. The senior classes also benefit from subordination provided by the class B notes. The B class notes are not rated by Fitch.

Fitch has taken the following rating actions:

Brazos Higher Education Authority, Inc. Series 2011-1

--Class A-1 affirmed at 'AAAsf'; Outlook Negative;

--Class A-2 affirmed at 'AAAsf'; Outlook Negative;

--Class A-3 affirmed at 'AAAsf'; Outlook Negative.

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 3, 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

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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