SP_SF_Ambac_031308 by liwenting

VIEWS: 5 PAGES: 23

									            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls




Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                             Series                     Class                  Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
Acapulco Funding 2005-   US$ 50 million Class A Floating Rates Asset
                                                                               2005-1                A            ABS Aircraft                       004293AA4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
1                        Backed Notes
Access to Loans For
                         US$190 million student loan program revenue
Learning Student Loan                                                          V                     V-A-1        ABS Student Loan/Muni/FFELP        00432MBD0 Ambac Assurance Corp.      AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         bonds senior series V-A-1 and V-A-2
Corporation
Access to Loans For
                         US$190 million student loan program revenue
Learning Student Loan                                                          V                     V-A-2        ABS Student Loan/Muni/FFELP        00432MBC2 Ambac Assurance Corp.      AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         bonds senior series V-A-1 and V-A-2
Corporation
Access to Loans For
                         US$190 million student loan program revenue
Learning Student Loan                                                          V-A-3, V-A-4, V-A-5   V-A-3        ABS Student Loan/Muni/FFELP        00432MBE8   Ambac Assurance Corp.    AAA/A-1+                       AAA/A-1+
                         bonds senior series V-A-3, V-A-4, V-A-5
Corporation
Access to Loans For
                         US$190 million student loan program revenue
Learning Student Loan                                                          V-A-3, V-A-4, V-A-5   V-A-4        ABS Student Loan/Muni/FFELP        00432MBF5   Ambac Assurance Corp.    AAA/A-1+                       AAA/A-1+
                         bonds senior series V-A-3, V-A-4, V-A-5
Corporation
Access to Loans For
                         US$190 million student loan program revenue
Learning Student Loan                                                          V-A-3, V-A-4, V-A-5   V-A-5        ABS Student Loan/Muni/FFELP        00432MBG3 Ambac Assurance Corp.      AAA/A-1+                       AAA/A-1+
                         bonds senior series V-A-3, V-A-4, V-A-5
Corporation
Aegis Texas Venture      US$27.377 mil 27.377 medium term notes med-
                                                                               2008                               LOCBONDS                           00767NAA0   AMBAC Assuramce Corp.    AAA            Negative        AAA          Not Meaningful
Fund II, LP              term nts ser 2008 due 08/01/2015
AESOP Funding II         US$750 million rental car asset backed notes series
                                                                               2003-3                A-3          ABS Rental Cars                    00103RAX4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
L.L.C.                   2003-3
                         US $1,373 million floating rate asset backed notes,
Airspeed Limited                                                               2007-1                G-1          ABS Aircraft                       009503AA1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2007-1
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FC8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FD6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FE4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FF1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FG9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FH7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FJ3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$88.57 mil stud ln rev bnds 1998 ser A due
Alaska Std Ln Corp                                                             1998-A                --           ABS Student Loan/Muni/Private      011857FK0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         07/01/2015
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FS3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FT1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FU8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FV6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FW4 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FX2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FY0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857FZ7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A
                         US$ 40 million fixed-rate student loan revenue
Alaska Std Ln Corp                                                             1999 A                --           ABS Student Loan/Muni/Private      011857GA1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds 1999 series A

                                                                                                                                      Page 1 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                 Name/Desc                                          Series          Class               Collateral                CUSIP                  Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GF0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GG8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GH6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GJ2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GK9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GL7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GM5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GP8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$40 million student loan revenue bonds 2000
Alaska Std Ln Corp                                                        2000 A     --           ABS Student Loan/Muni/Private    011857GQ6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       Series A
                       US$33 million student loan revenue bonds 2001
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857GV5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       series A
                       US$33 million student loan revenue bonds 2001
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857GW3 Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                       series A
                       US$33 million student loan revenue bonds 2001
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857GX1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       series A
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857EN5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857EP0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857EQ8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857ER6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857ES4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857ET2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
                       US$75 mil stud ln rev bnds1997 ser A due
Alaska Std Ln Corp                                                        A          --           ABS Student Loan/Muni/Private    011857EU9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       07/01/2014
Aleutian Investments
                       US$450 million floating rate notes series 2006-A   2006-A     2006-A       ABS Commercial-Other             --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
LLC
Aleutian Investments   US$250 million floating-rate mediun term notes
                                                                          2002A      --           ABS Commercial-Other             01446EAC3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
LLC                    Series 2002-A due March 2012
Aleutian Investments   US$100 million floating rate notes series 2002-B
                                                                          2002-B     --           ABS Commercial-Other             01446EAD1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
LLC                    due October 19, 2012
Aleutian Investments
                       US$250 million floating rate note series 2003 A    2003-A     Notes        ABS Commercial-Other             01446EAE9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
LLC
Aleutian Investments   US$195 million floating rate notes series 2004
                                                                          2004A      2004A        ABS Commercial-Other             01446EAF6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
LLC                    series A

AmeriCredit Automobile
                        US$1,400 million automobile receivables-backed
Receivables Trust 2005-                                                   2005-D-A   A-3          ABS Auto-Subprime                03061NJR1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        notes series 2005-D-A
D-A

AmeriCredit Automobile
                        US$1,400 million automobile receivables-backed
Receivables Trust 2005-                                                   2005-D-A   A-4          ABS Auto-Subprime                03061NJS9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        notes series 2005-D-A
D-A

                       US$1,500 million rental car asset backed notes
ARG Funding Corp.                                                         2005-2     A-1          ABS Rental Cars                  00204ABL4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       series 2005-2
                       US$1,500 million rental car asset backed notes
ARG Funding Corp.                                                         2005-2     A-2          ABS Rental Cars                  00204ABM2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       series 2005-2
                       US$1,500 million rental car asset backed notes
ARG Funding Corp.                                                         2005-2     A-3          ABS Rental Cars                  00204ABN0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                       series 2005-2


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              2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                             Series        Class                  Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
                       US$1,500 million rental car asset backed notes
ARG Funding Corp.                                                              2005-2   A-4          ABS Rental Cars                    00204ABP5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                       series 2005-2
                       US$1,500 million rental car asset backed notes
ARG Funding Corp.                                                              2005-2   A-5          ABS Rental Cars                    00204ABQ3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                       series 2005-2
                       £260 million fixed- and floating-rate asset-backed
Arsenal Securities PLC                                                         --       A1           ABS New Assets-Other               --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                       notes
                       £260 million fixed- and floating-rate asset-backed
Arsenal Securities PLC                                                         --       A2           ABS New Assets-Other               --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                       notes

Avis Budget Rental Car US$650 million series 2007-2 floating rate rental car
                                                                             2007-2     A-1          ABS Rental Cars                    05377RAA2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Funding (AESOP) LLC asset backed notes
Avondale Securities    EUR400 million floating-rate emergence offset
                                                                           --           A-1          ABS New Assets-Other               --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
S.A.                   notes
Babcock & Brown Air    US$853 million class G-1 floating rate asset backed
                                                                           2007-1       G-1          ABS Aircraft                       056143AA8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Funding I Limited      notes series 2007-1
                       US $75 million Transferable Custody Receipts
Bank of New York (SPE) Relating To American Airlines Pass Through          2001-2                    ABS Synthetic                      --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                       Certificates Series 2001-2
Battery Pk City Auth     US$400 million junior revenue bonds series C          C        C-2          CMBS Other                         07133AEX6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Battery Pk City Auth     US$400 million junior revenue bonds series C          C        C-3          CMBS Other                         07133AEY4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Battery Pk City Auth     US$400 million junior revenue bonds series C          C        C-4          CMBS Other                         07133AEZ1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Battery Pk City Auth     US$400 million junior revenue bonds series C          C        C-5          CMBS Other                         07133AFA5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Bishopsgate Asset        £300 million guaranteed asset-backed fixed-rate
                                                                               2        --           ABS Synthetic                      --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance Ltd.             notes series 2
Box Hill Life Finance
                         £380 million floating-rate secured notes              --       A1           ABS Insurance Premiums             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
Box Hill Life Finance
                         £380 million floating-rate secured notes              --       A2           ABS Insurance Premiums             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
BPS 63,993,000 Euro-
Transferable Custody
                         EUR 63 million Euro-Transferable Custody Receipts
Receipts relating to                                                       --           --           ABS Synthetic                      --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         relating to Class C Secured 6.469 Notes.
Class C Secured 6.469
Notes
                         US$25 mil 5.55% stud ln rev bnds (CalEdge Loan
California Ed Fac Auth                                                         1998     Sr           ABS Student Loan/Muni/FFELP        1301744R3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         Program) ser 1998 due 04/01/2028
Callidus Debt Partners
                         Callidus Debt Partners CDO Fund I, Ltd.                        A-2          Arbitrage Corporate HY CBO         13123UAC2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
CDO Fund I Ltd.
Callidus Debt Partners
                         Callidus Debt Partners CDO Fund I, Ltd.                        A-3          Arbitrage Corporate HY CBO         13123UAD0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
CDO Fund I Ltd.
Capital One Auto
                         US$2,750 million asset-backed notes series 2006-A 2006-A       A-3          ABS Auto-Subprime                  14041GCU8 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
Finance Trust 2006-A
Capital One Auto
                         US$2,750 million asset-backed notes series 2006-A 2006-A       A-4          ABS Auto-Subprime                  14041KAD9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Finance Trust 2006-A
Capital One Auto
                         US$1,500 million asset-backed notes series 2007-A 2007-A       A-2          ABS Auto-Subprime                  14042DAB8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Finance Trust 2007-A
Capital One Auto
                         US$1,500 million asset-backed notes series 2007-A 2007-A       A-3-A        ABS Auto-Subprime                  14042DAC6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Finance Trust 2007-A
Capital One Auto
                         US$1,500 million asset-backed notes series 2007-A 2007-A       A-3-B        ABS Auto-Subprime                  14042DAD4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Finance Trust 2007-A
Capital One Auto
                         US$1,500 million asset-backed notes series 2007-A 2007-A       A-4          ABS Auto-Subprime                  14042DAE2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Finance Trust 2007-A
                         US$9.365 mil poll ctl rev rfdg bnds ser 1994 due
Carbon Cnty                                                                    1994                                                     140890AB0    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                         11/01/2024
Cendant Rental Car       US$800 million rental car asset-backed notes series
                                                                               2005-4   A-1          ABS Rental Cars                    15132CAF9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Funding (AESOP) LLC      2005-4
Cendant Rental Car       US$800 million rental car asset-backed notes series
                                                                               2005-4   A-2          ABS Rental Cars                    15132CAG7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Funding (AESOP) LLC      2005-4
Cendant Rental Car       US$800 million rental car asset-backed notes series
                                                                               2005-4   A-3          ABS Rental Cars                    15132CAH5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Funding (AESOP) LLC      2005-4




                                                                                                                         Page 3 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                            Series          Class                Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
Channel Link
                         £1,675 million and EUR2,125 million secured index-
Enterprises Finance                                                         --           G4           ABS Other                        --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                         linked, floating-rate and fixed-rate notes
PLC
Channel Link
                         £1,675 million and EUR2,125 million secured index-
Enterprises Finance                                                         --           G1           ABS Other                        --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                         linked, floating-rate and fixed-rate notes
PLC
                         US$685 million floating rate asset backed notes
CLI Funding LLC                                                               2006-1     A-1          ABS Railcar/Container            125635AC6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         series 2006-1
CNL Commercial
                         US$ 200 million cnl commerical mortgage loan
Mortgage Loan Trust                                                           2003-2     A1           ABS Small Bus Lns - Amortizing   12614MAW4 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
                         notes series 2003-2
2003-2
CNL Commercial
                         US$ 200 million cnl commerical mortgage loan
Mortgage Loan Trust                                                           2003-2     A2           ABS Small Bus Lns - Amortizing   12614MAY0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         notes series 2003-2
2003-2
                         US$8.19 mil poll ctl rev rfdg bnd ser 1994 due
Converse Cnty                                                                 1994                                                     212491AF1    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                         11/01/2024

CountryPlace             US$118 million countryplace manufactured housing
Manufactured Housing     contract trust pass-through certificates, series 2005- 2005-1   A-2          ABS Manufactured Housing         22237PAB9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Contract Trust 2005-1    1

CountryPlace             US$118 million countryplace manufactured housing
Manufactured Housing     contract trust pass-through certificates, series 2005- 2005-1   A-3          ABS Manufactured Housing         22237PAC7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Contract Trust 2005-1    1

CountryPlace             US$118 million countryplace manufactured housing
Manufactured Housing     contract trust pass-through certificates, series 2005- 2005-1   A-4          ABS Manufactured Housing         22237PAD5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Contract Trust 2005-1    1

CountryPlace
                         US$101 million countryplace manufactured housing
Manufactured Housing                                                       2007-1        A-1          ABS Manufactured Housing         22237SAA5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract pass-through certificates, series 2007-1
Contract Trust 2007-1

CountryPlace
                         US$101 million countryplace manufactured housing
Manufactured Housing                                                       2007-1        A-2          ABS Manufactured Housing         22237SAB3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract pass-through certificates, series 2007-1
Contract Trust 2007-1

CountryPlace
                         US$101 million countryplace manufactured housing
Manufactured Housing                                                       2007-1        A-3          ABS Manufactured Housing         22237SAC1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract pass-through certificates, series 2007-1
Contract Trust 2007-1

CountryPlace
                         US$101 million countryplace manufactured housing
Manufactured Housing                                                       2007-1        A-4          ABS Manufactured Housing         22237SAD9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract pass-through certificates, series 2007-1
Contract Trust 2007-1

Custody Receipts
Related to
$121,614,501 of Mertit   US$121,614,501 of Merit Securities Corporation,
                                                                              --         --           ABS Synthetic                    589962CM9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Securities Corp Series   Series 12-1 Class 1-A3 Bonds due 2033
12-1 Class 1-A3 Bonds
due 2033
                      US$1,700 million senior and subordinated notes
DB Master Finance LLC                                                         2006-1     A-2          ABS New Assets-Other             233046AA9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                      series 2006-1
                      US$1,700 million senior and subordinated notes
DB Master Finance LLC                                                         2006-1     A-1          ABS New Assets-Other             --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                      series 2006-1
                      US$1,850 million funding senior notes seroes 2007-
Dominos Pizza Inc                                                             2007-1     A-1          ABS New Assets-Other             --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                      1
                      US$1,850 million funding senior notes seroes 2007-
Dominos Pizza Inc                                                             2007-1     A-2          ABS New Assets-Other             --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                      1
Eagle Building Trust  US$194 million Class A auction rate asset backed
                                                                              2004-1     A            ABS Franchise Loans              269441AA9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
2004-1                notes series 2004-1
                      US$121.94 mil secd rev bnd ser 1994 due
Emery Cnty                                                                    1994                                                     291147CC8    AMBAC Assuramce Corp.       AAA/A-1+                       AAA/A-1+
                      11/01/2024


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            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                    Name/Desc                                            Series       Class                Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
European Property         EUR 355.45 million commercial mortgage-backed
                                                                               --       A           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Capital 1                 floating-rate units
Franchise Note Issuer     US$700 million eagle franchise funding llc 2006-
                                                                               2006-1   A           ABS Franchise Loans              --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       1variable funding notes series 2006-1
Freshwater Finance        £200 million guaranteed asset-backed fixed-rate
                                                                               --       A           ABS Synthetic                    --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC                       notes
Freshwater Finance
                          £300 million asset-backed fixed-rate notes           --       A           ABS Synthetic                    --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
Freshwater Finance   £402 million guaranteed asset-backed fixed-rate
                                                                               --       A           ABS Synthetic                    --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC                  notes
                     US$150 million variable rate secured notes series
GE SeaCo Finance SRL                                                           2001-1   A           ABS Railcar/Container            --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                     2001-1
                     US$275 million floating rate secured notes series
GE SeaCo Finance SRL                                                           2004-1   A-1         ABS Railcar/Container            368288AC0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                     2004-1
                     US$600 million floating rate secured notes series
GE SeaCo Finance SRL                                                           2005-1   A-1         ABS Railcar/Container            368288AE6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                     2005-1
Golden Securities
                     US$500 million collateralized notes series 2003           2003     A-1         ABS Franchise Loans              381175AA6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Corporation
Gracechurch Life
                     £400 million floating-rate asset-backed notes             --       A-1         ABS Insurance Premiums           --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC
Green Tree 2006-1    US$210 million floating rate asset-backed note
                                                                               2006-1   Notes       ABS Manufactured Housing         --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Asset-Backed Note    series 2006-1

GreenPoint Credit
                          US$425 million pass-through certificates series
Manufacturing Housing                                                          2001-2   IA-2        ABS Manufactured Housing         395383BK7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          2001-2
Contract Trust 2001-2

GreenPoint Credit
                          US$425 million pass-through certificates series
Manufacturing Housing                                                          2001-2   IIA-2       ABS Manufactured Housing         395383BM3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          2001-2
Contract Trust 2001-2

HarbourView CBO I,
                          US$360 million floating and fixed rate notes                  A           Arbitrage Corporate HY CBO       41162PAA0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Ltd.
Hedged Mutual Fund                                                                      Ser 2004-
                          Hedged Mutual Fund Fee Trust 2004-2                  2004-2             CDO 12b-1                          --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Fee Trust 2004-2                                                                        2
Hedged Mutual Fund
                          Hedged Mutual Fund Fee Trust 2004-3                  2004-3   2004-3      CDO 12b-1                        422777AK8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Fee Trust 2004-3
Hedged Mutual Fund                                                                      2004-4
                          Hedged Mutual Fund Fee Trust 2004-4                  2004-4               CDO 12b-1                        422777AL6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Fee Trust 2004-4                                                                        Flo
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-1         ABS Rental Cars                  42805RAN9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-2         ABS Rental Cars                  42805RAP4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-3         ABS Rental Cars                  42805RAQ2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-4         ABS Rental Cars                  42805RAR0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-5         ABS Rental Cars                  42805RAS8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$2,150 million rental car asset backed notes
                                                                               2005-2   A-6         ABS Rental Cars                  42805RAT6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       series 2005-2
Hertz Vehicle Financing   US$1,250 million variable funding rental car asset
                                                                               2005-3   A-1         ABS Rental Cars                  --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       backed notes series 2005-3
Hertz Vehicle Financing   US$1,250 million variable funding rental car asset
                                                                               2005-3   A-2         ABS Rental Cars                  --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                       backed notes series 2005-3
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       A1a         CMBS Single Borrower             --           Ambac Assurance UK Ltd.     AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       A2a         CMBS Single Borrower             --           Ambac Assurance UK Ltd.     AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       A3a         CMBS Single Borrower             --           Ambac Assurance UK Ltd.     AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       A3b         CMBS Single Borrower             --           Ambac Assurance UK Ltd.     AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes


                                                                                                                      Page 5 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                    Name/Desc                                            Series        Class               Collateral               CUSIP                  Insurer     From Rating    Credit Watch    To Rating     To CreditWatch
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       B4           CMBS Single Borrower            --           Ambac Assurance UK Ltd.   AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes
Imser Securitisation 2    €1.035 Billion Commercial Mortgage-Backed Fixed-
                                                                               --       B5           CMBS Single Borrower            --           Ambac Assurance UK Ltd.   AAA            Negative        AAA          Not Meaningful
S.r.l.                    And Floating-Rate Notes
Industrial Commission     US$3.0 mil stud ln rev bnds ser 1996-D due
                                                                               1996-D   A            ABS Student Loan/Muni/Mixed     659005EV0    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
of North Dakota           07/01/2014
Industrial Commission     US$15.4 mil stud ln rev bnds ser 1997B due
                                                                               1997B    A            ABS Student Loan/Muni/Mixed     659005EX6    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
of North Dakota           07/01/2027
Industrial Commission     US$55 million sudent loan revenue bonds series
                                                                               2000A    Series A     ABS Student Loan/Muni/Mixed     659005FA5    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
of North Dakota           2000A
Industrial Commission     US$8 million student loan revenue bonds series
                                                                               2000 B   Series B     ABS Student Loan/Muni/Mixed     659005FB3    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
of North Dakota           2000B
Iowa Std Loan Liquidity   US$50 mil stud ln rev bnds ser 1988B due
                                                                               1988B    --           ABS Student Loan/Muni/Mixed     462590AY6    Ambac Assurance Corp.     AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Corp                      12/01/2013
Iowa Std Loan Liquidity   US$24 mil student loan revenue bonds series
                                                                               1995-B   --           ABS Student Loan/Muni/Mixed     462590DG2    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      1995B due 12/01/2025
Iowa Std Loan Liquidity   US$25 mil student loan revenue bonds series
                                                                               1995-C   --           ABS Student Loan/Muni/Mixed     462590DJ6    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      1995C due 12/01/2025
Iowa Std Loan Liquidity   US$22.850 mil student loan revenue bonds series
                                                                               1995-D   --           ABS Student Loan/Muni/Mixed     462590DK3    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      1995D due 12/01/2025
Iowa Std Loan Liquidity   US$54 mil adj rt stud loan rev bnds ser 1996-E due
                                                                               1996-E   A            ABS Student Loan/Muni/Mixed     462590DL1    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      12/01/2031
Iowa Std Loan Liquidity   US$19.5 mil adj rt stud ln rev bnds ser 1996-H due
                                                                               1996-H   Ser H        ABS Student Loan/Muni/Mixed     462590DM9    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      12/01/2031
Iowa Std Loan Liquidity   US$90.000 mil stud ln rev bnds ser 1998 due
                                                                               1998     J            ABS Student Loan/Muni/Mixed     462590DX5    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      12/01/2033
Iowa Std Loan Liquidity   US$90.000 mil stud ln rev bnds ser 1998 due
                                                                               1998     K            ABS Student Loan/Muni/Mixed     462590DU1    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      12/01/2033
Iowa Std Loan Liquidity   US$90.000 mil stud ln rev bnds ser 1998 due
                                                                               1998     L            ABS Student Loan/Muni/Mixed     462590DV9    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      12/01/2033
Iowa Std Loan Liquidity   US$45 million student loan revenue bonds (taxable)
                                                                               1999-M   Series M     ABS Student Loan/Muni/Mixed     462590DY3    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      1999 series M
Iowa Std Loan Liquidity   US$45 million student loan revenue bonds (taxable)
                                                                               1999-N   Series N     ABS Student Loan/Muni/Mixed     462590DZ0    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      1999 series N
Iowa Std Loan Liquidity   US$24 million student loan revenue bonds 1999
                                                                               1999-O   Series O     ABS Student Loan/Muni/Mixed     462590EA4    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series O (AMT)
Iowa Std Loan Liquidity   US$223 million student loan revenue bonds series
                                                                               2001     2001-R       ABS Student Loan/Muni/Mixed     462590EJ5    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      2001-P, Q, R, S-I, S-II,S-III
Iowa Std Loan Liquidity   US$223 million student loan revenue bonds series
                                                                               2001     2001S-I      ABS Student Loan/Muni/Mixed     462590EK2    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      2001-P, Q, R, S-I, S-II,S-III
Iowa Std Loan Liquidity   US$223 million student loan revenue bonds series
                                                                               2001     2001S-II     ABS Student Loan/Muni/Mixed     462590EL0    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      2001-P, Q, R, S-I, S-II,S-III
Iowa Std Loan Liquidity   US$223 million student loan revenue bonds series
                                                                               2001     2001S-III    ABS Student Loan/Muni/Mixed     462590EM8    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      2001-P, Q, R, S-I, S-II,S-III
Iowa Std Loan Liquidity   US$365 million student loan revenue bonds 2002
                                                                               2002     2002U        ABS Student Loan/Muni/Mixed     462590FB1    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series T, U, V-I, V-II, V-III, V-IV
Iowa Std Loan Liquidity   US$365 million student loan revenue bonds 2002
                                                                               2002     2002V-I      ABS Student Loan/Muni/Mixed     462590FC9    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series T, U, V-I, V-II, V-III, V-IV
Iowa Std Loan Liquidity   US$365 million student loan revenue bonds 2002
                                                                               2002     2002V-II     ABS Student Loan/Muni/Mixed     462590FD7    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series T, U, V-I, V-II, V-III, V-IV
Iowa Std Loan Liquidity   US$365 million student loan revenue bonds 2002
                                                                               2002     2002V-III    ABS Student Loan/Muni/Mixed     462590FE5    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series T, U, V-I, V-II, V-III, V-IV
Iowa Std Loan Liquidity   US$365 million student loan revenue bonds 2002
                                                                               2002     2002V-IV ABS Student Loan/Muni/Mixed         462590FF2    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                      series T, U, V-I, V-II, V-III, V-IV
Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                               2003     W            ABS Student Loan/Muni/Mixed     462590FG0    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                               2003     X            ABS Student Loan/Muni/Mixed     462590FJ4    Ambac Assurance Corp.     AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI




                                                                                                                      Page 6 of 23
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Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                            Series           Class               Collateral               CUSIP                  Insurer    From Rating    Credit Watch    To Rating     To CreditWatch

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-I         ABS Student Loan/Muni/Mixed     462590FK1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-II        ABS Student Loan/Muni/Mixed     462590FL9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-III       ABS Student Loan/Muni/Mixed     462590FM7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-IV        ABS Student Loan/Muni/Mixed     462590FN5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-V         ABS Student Loan/Muni/Mixed     462590FP0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI

Iowa Std Loan Liquidity US$550 million student loan revenue bonds 2003
                                                                              2003         Y-VI        ABS Student Loan/Muni/Mixed     462590FQ8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Corp                    series W, X, Y-I, Y-II, Y-III, Y-IV, Y-V, Y-VI
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-A      ABS Student Loan/Muni/Mixed     462590FR6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-I    ABS Student Loan/Muni/Mixed     462590FS4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-II   ABS Student Loan/Muni/Mixed     462590FT2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-III ABS Student Loan/Muni/Mixed      462590FU9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-IV ABS Student Loan/Muni/Mixed       462590FV7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-V ABS Student Loan/Muni/Mixed        462590FW5 Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004
                                                                              2004 A & B   2004-B-VI ABS Student Loan/Muni/Mixed       462590FX3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B
Iowa Student Loan        US$650 million student loan revenue bonds 2004                    2004-B-
                                                                              2004 A & B               ABS Student Loan/Muni/Mixed     462590FY1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series A & B                                                      VII
Iowa Student Loan        US$58 million student loan revenue bonds 2005
                                                                              2005         C-I         ABS Student Loan/Muni/Mixed     462590FZ8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series C-I and C-II
Iowa Student Loan        US$58 million student loan revenue bonds 2005
                                                                              2005         C-II        ABS Student Loan/Muni/Mixed     462590GA2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    Series C-I and C-II
Iowa Student Loan        US$350 million student loan revenue bonds 2007
                                                                              2007         D           ABS Student Loan/Muni/Mixed     462590GJ3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    series D, E-I, E-II, E-III
Iowa Student Loan        US$350 million student loan revenue bonds 2007
                                                                              2007         E-I         ABS Student Loan/Muni/Mixed     462590GK0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    series D, E-I, E-II, E-III
Iowa Student Loan        US$350 million student loan revenue bonds 2007
                                                                              2007         E-II        ABS Student Loan/Muni/Mixed     462590GL8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    series D, E-I, E-II, E-III
Iowa Student Loan        US$350 million student loan revenue bonds 2007
                                                                              2007         E-III       ABS Student Loan/Muni/Mixed     462590GM6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Liquidity Corporation    series D, E-I, E-II, E-III
Juneau Funding LLC       £US $ 300 million euro medium term notes             2001 A       A           ABS Commercial-Other            --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Kentucky Hgr Ed Std Ln   US$46 mil wkly adj/fxd rt ins stud ln rev bnds ser
                                                                              1991E                                                    491303FS7    AMBAC Assuramce Corp.    AAA/A-1+                       AAA/A-1+
Corp                     1991E due 12/01/2011
KeyCorp Student Loan     US$961 million floating rate asset-backed notes
                                                                              2002-A       II-A-2      ABS Student Loan/ABS/Mixed      493268BJ4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2002-A             series 2002-A

Lehman ABS               US$1,387 million Lehman ABS manufactured
Manufactured Housing     housing contract sr/sub asset-backed certs series    2001-B       A-7         ABS Manufactured Housing        52519SAG8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Contract Trust 2001-B    2001-B

                         US$15.06 mil poll ctl rev rfdg bnds ser 1994 due
Lincoln County                                                                1994                                                     533485AV0    AMBAC Assuramce Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                         11/01/2024
Local Insight Media      US$673 million fixed rate senior and subordianted
                                                                              2007-1       A-1         ABS New Assets-Other            --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Finance LLC              notes
Local Insight Media      US$673 million fixed rate senior and subordianted
                                                                              2007-1       A-2         ABS New Assets-Other            53957DAA1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Finance LLC              notes


                                                                                                                        Page 7 of 23
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Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                  Name/Desc                                           Series         Class               Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
LoneStar CAPCO Fund, US$8.6 mil sr secd med-term nts ser 2005 due
                                                                            2005                                                                AMBAC Assuramce Corp.       AAA            Negative        AAA          Not Meaningful
LLC                  03/01/2012
                     £15 million secured asset-backed deferrable fixed-
Lunar Funding I Ltd.                                                        2005-5    --           ABS Synthetic                   --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                     rate instalment notes series 2005-5
                     £80 million secured asset-backed deferrable fixed
Lunar Funding I Ltd.                                                        6         --           ABS Synthetic                   --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                     rate instalment notes, series 6

Madison Avenue
                        US$1,635 million asset-backed certificates series
Manufactured Housing                                                        2002-A    A-1          ABS Manufactured Housing        55660AAA0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                        2002-A
Contract Trust 2002-A

Madison Avenue
                        US$1,635 million asset-backed certificates series
Manufactured Housing                                                        2002-A    A-2          ABS Manufactured Housing        55660AAB8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                        2002-A
Contract Trust 2002-A

Madison Avenue
                        US$1,635 million asset-backed certificates series
Manufactured Housing                                                        2002-A    A-IO         ABS Manufactured Housing        55660AAC6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                        2002-A
Contract Trust 2002-A

Maine Ed Loan           US$12.5 mil stud ln rev bnds ser 1996A-1 due
                                                                            1996A-1   A-1          ABS Student Loan/Muni/Private   56040PAA6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Authority               06/01/2020
Maine Ed Loan           US$10 mil stud ln rev bnds ser 1997A-1 due
                                                                            1997A-1   --           ABS Student Loan/Muni/Private   56040PAB4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Authority               06/01/2027
Maine Ed Loan           US$14 mil stud ln rev bnds ser 1999A-1 due
                                                                            1999A-1   --           ABS Student Loan/Muni/Private   56040PAC2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Authority               06/01/2029
Maine Ed Loan           US$100 mil sr stud ln rev bnds ser 1999-A due
                                                                            1999-A    3            ABS Student Loan/Muni/Private   560409BT0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Marketing Corp.         05/01/2029
Maine Ed Loan           US$100 mil stud ln rev bnds ser 1997-A due
                                                                            1997-A    A-2          ABS Student Loan/Muni/Private   560409BQ6    Ambac Assurance Corp.       AAA/NR                         AAA/NR
Marketing Corp.         05/01/2032
Maine Ed Loan           US$100 mil sr stud ln rev bnds ser 1999-A due
                                                                            1999-A    2            ABS Student Loan/Muni/Private   560409BS2    Ambac Assurance Corp.       AAA/NR                         AAA/NR
Marketing Corp.         05/01/2029
                        US$140 million education loan revenue bonds 2007
Maine Fin Auth                                                              2007A     A-1          ABS Student Loan/Muni/FFELP     56041WAF9 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
                        senior series A
                        US$140 million education loan revenue bonds 2007
Maine Fin Auth                                                              2007A     A-2          ABS Student Loan/Muni/FFELP     56041WAG7 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
                        senior series A
                        US$140 million education loan revenue bonds 2007
Maine Fin Auth                                                              2007A     A-3          ABS Student Loan/Muni/FFELP     56041WAH5 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
                        senior series A

Manufactured Housing
                        US $600 million manufactured hsg contract sr/sub
Contract Sr/Sub Pass-                                                       2001-2    A            ABS Manufactured Housing        20846QHC5 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
                        pass-thru certs, ser 2001-2
Thru Cert Series 2001-2

Massachusetts Ed Fin    US$50 mil ed ln rev bnds issue E ser 1995B due
                                                                            1995-B    --           ABS Student Loan/Muni/Mixed     575633GK2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2012
Massachusetts Ed Fin    US$60 mil ed ln rev bnds issue E ser 1996B due
                                                                            1996B     Issue E      ABS Student Loan/Muni/Mixed     575633GZ9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2012
Massachusetts Ed Fin    US$10 mil ed ln rev adj rt bnds issue E ser 1996C
                                                                            1996C     A            ABS Student Loan/Muni/Mixed     575633HB1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    due 07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAR0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAP4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAN9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAM1 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAL3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$65 mil educl ln rev bnds issue E ser 1997B due
                                                                            1997B     --           ABS Student Loan/Muni/Mixed     57563RAK5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    07/01/2014
Massachusetts Ed Fin    US$153 million education loan revenue bonds,
                                                                            2001      2001A        ABS Student Loan/Muni/Mixed     57563RDY2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    issue E, series 2001
Massachusetts Ed Fin    US$153 million education loan revenue bonds,
                                                                            2001      2001A        ABS Student Loan/Muni/Mixed     57563REA3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    issue E, series 2001


                                                                                                                    Page 8 of 23
           2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                 Name/Desc                                      Series       Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
Massachusetts Ed Fin   US$153 million education loan revenue bonds,
                                                                      2001     2001A       ABS Student Loan/Muni/Mixed     57563RDZ9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E, series 2001
Massachusetts Ed Fin   US$153 million education loan revenue bonds,
                                                                      2001     2001A       ABS Student Loan/Muni/Mixed     57563REB1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E, series 2001
Massachusetts Ed Fin   US$153 million education loan revenue bonds,
                                                                      2001     2001B       ABS Student Loan/Muni/Mixed     57563RDR7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E, series 2001
Massachusetts Ed Fin   US$153 million education loan revenue bonds,
                                                                      2001     2001C       ABS Student Loan/Muni/Mixed     57563RDS5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E, series 2001
Massachusetts Ed Fin   US$153 million education loan revenue bonds,
                                                                      2001     2001D       ABS Student Loan/Muni/Mixed     57563RDT3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E, series 2001
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563REN5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563REP0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563REQ8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563RER6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563RES4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002A       ABS Student Loan/Muni/Mixed     57563RET2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002B       ABS Student Loan/Muni/Mixed     57563REC9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002C       ABS Student Loan/Muni/Mixed     57563RED7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002D       ABS Student Loan/Muni/Mixed     57563REE5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$202 million education loan revenue and
                                                                      2002     2002E       ABS Student Loan/Muni/Mixed     57563REF2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2002
Massachusetts Ed Fin   US$159 million education loan revenue and
                                                                      2003     A           ABS Student Loan/Muni/Mixed     57563REU9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2003
Massachusetts Ed Fin   US$159 million education loan revenue and
                                                                      2003     B           ABS Student Loan/Muni/Mixed     57563REV7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2003
Massachusetts Ed Fin   US$159 million education loan revenue and
                                                                      2003     C           ABS Student Loan/Muni/Mixed     57563REW5 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2003
Massachusetts Ed Fin   US$159 million education loan revenue and
                                                                      2003     D           ABS Student Loan/Muni/Mixed     57563REX3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2003
Massachusetts Ed Fin   US$159 million education loan revenue and
                                                                      2003     E           ABS Student Loan/Muni/Mixed     57563REY1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds, issue E, series 2003
Massachusetts Ed Fin   US$145 million education loan revenue and
                                                                      2004     2004D       ABS Student Loan/Muni/Mixed     57563RFC8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds issue E series 2004
Massachusetts Ed Fin   US$145 million education loan revenue and
                                                                      2004     2004C       ABS Student Loan/Muni/Mixed     57563RFB0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds issue E series 2004
Massachusetts Ed Fin   US$145 million education loan revenue and
                                                                      2004     2004B       ABS Student Loan/Muni/Mixed     57563RFA2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds issue E series 2004
Massachusetts Ed Fin   US$145 million education loan revenue and
                                                                      2004     2004A       ABS Student Loan/Muni/Mixed     57563REZ8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   refunding bonds issue E series 2004
Massachusetts Ed Fin   US$211 million education loan revenue bonds
                                                                      2005     A           ABS Student Loan/Muni/Mixed     57563RFD6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E series 2005
Massachusetts Ed Fin   US$211 million education loan revenue bonds
                                                                      2005     B           ABS Student Loan/Muni/Mixed     57563RFE4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E series 2005
Massachusetts Ed Fin   US$211 million education loan revenue bonds
                                                                      2005     D           ABS Student Loan/Muni/Mixed     57563RFG9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   issue E series 2005
Massachusetts Ed Fin   US$312 education loan revenue and refunding
                                                                      2006     A-1         ABS Student Loan/Muni/Mixed     57563RFH7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds, issue E, series 2006
Massachusetts Ed Fin   US$312 education loan revenue and refunding
                                                                      2006     A-2         ABS Student Loan/Muni/Mixed     57563RFM6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds, issue E, series 2006
Massachusetts Ed Fin   US$312 education loan revenue and refunding
                                                                      2006     B           ABS Student Loan/Muni/Mixed     57563RFJ3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds, issue E, series 2006
Massachusetts Ed Fin   US$312 education loan revenue and refunding
                                                                      2006     C           ABS Student Loan/Muni/Mixed     57563RFK0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds, issue E, series 2006


                                                                                                            Page 9 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                             Series          Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
Massachusetts Ed Fin     US$312 education loan revenue and refunding
                                                                               2006       D            ABS Student Loan/Muni/Mixed     57563RFL8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     bonds, issue E, series 2006
Massachusetts Ed Fin     US$98 million education loan revenue and
                                                                               1999A      1999A        ABS Student Loan/Muni/Mixed     57563RCS6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     refunding bonds, issue E, series 199A
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       A            ABS Student Loan/Muni/Mixed     57563RFU8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       A            ABS Student Loan/Muni/Mixed     57563RFV6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       A            ABS Student Loan/Muni/Mixed     57563RFW4 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       B            ABS Student Loan/Muni/Mixed     57563RFQ7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       C            ABS Student Loan/Muni/Mixed     57563RFR5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       D            ABS Student Loan/Muni/Mixed     57563RFS3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Massachusetts Ed Fin     US$485 million education loan revenue bonds,
                                                                               2007       E            ABS Student Loan/Muni/Mixed     57563RFT1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     issue E, series 2007
Michigan Hgr Ed Std Ln   US$56.4 mil stud ln & rfdg rev bnds ser XII-B due
                                                                               XII-B      --           ABS Student Loan/Muni/FFELP     594520CA4   Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
Auth                     10/01/2013
Michigan Hgr Ed Std Ln   US$14.050 mil stud ln rev & rfdg bnds ser XII-N due
                                                                               XII-N      A            ABS Student Loan/Muni/FFELP     594520FS2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     09/01/2025
Michigan Hgr Ed Std Ln   US$25 mil stud ln rev bnds ser XVII-B due
                                                                               XVII-B     --           ABS Student Loan/Muni/Mixed     594520GN2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     06/01/2018
Michigan Hgr Ed Std Ln   US$25 mil stud ln rev bnds ser XVII-B due
                                                                               XVII-B     --           ABS Student Loan/Muni/Mixed     594520GP7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     06/01/2018
Michigan Hgr Ed Std Ln   US$13.4 mil stud ln rfdg rev bnds ser XVII-C due
                                                                               XVII-C     --           ABS Student Loan/Muni/Mixed     594520GL6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     06/01/2008
Michigan Hgr Ed Std Ln
                         US$23 million refunding revenue bonds series XII-T XII-T         --           ABS Student Loan/Muni/FFELP     594520HB7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
Michigan Hgr Ed Std Ln
                         US$23 million refunding revenue bonds series XII-T XII-T         --           ABS Student Loan/Muni/FFELP     594520HC5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
Michigan Hgr Ed Std Ln
                         US$23 million refunding revenue bonds series XII-T XII-T         --           ABS Student Loan/Muni/FFELP     594520HD3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
Michigan Hgr Ed Std Ln US$53 million student loan revenue bonds series
                                                                               XII-U      --           ABS Student Loan/Muni/FFELP     594520HE1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XII-U
Michigan Hgr Ed Std Ln US$31 million student loan revenue bonds series
                                                                               XVII D&E   XVII-D       ABS Student Loan/Muni/Mixed     594520HG6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII D and E
Michigan Hgr Ed Std Ln US$31 million student loan revenue bonds series
                                                                               XVII D&E   XVII-E       ABS Student Loan/Muni/Mixed     594520HH4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII D and E
Michigan Hgr Ed Std Ln US$31 million student loan revenue bonds series
                                                                               XVII D&E   XVII-E       ABS Student Loan/Muni/Mixed     594520HJ0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII D and E
Michigan Hgr Ed Std Ln US$24 million student loan refunding revenue
                                                                               XII-W      XII-W        ABS Student Loan/Muni/FFELP     594520HN1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XII-W
Michigan Hgr Ed Std Ln US$24 million student loan refunding revenue
                                                                               XII-W      XII-W        ABS Student Loan/Muni/FFELP     594520HP6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XII-W
Michigan Hgr Ed Std Ln US$24 million student loan refunding revenue
                                                                               XII-W      XII-W        ABS Student Loan/Muni/FFELP     594520HQ4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XII-W
Michigan Hgr Ed Std Ln US$22 million student loan refunding revenue
                                                                               XVII-F     XVII-F       ABS Student Loan/Muni/Mixed     594520JC3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XVII-F
Michigan Hgr Ed Std Ln US$22 million student loan refunding revenue
                                                                               XVII-F     XVII-F       ABS Student Loan/Muni/Mixed     594520JD1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XVII-F
Michigan Hgr Ed Std Ln US$22 million student loan refunding revenue
                                                                               XVII-F     XVII-F       ABS Student Loan/Muni/Mixed     594520JE9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   bonds series XVII-F
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                               XVII-G     XVII-G       ABS Student Loan/Muni/Mixed     594520JF6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-G
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                               XVII-G     XVII-G       ABS Student Loan/Muni/Mixed     594520JG4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-G
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series     XVII-H-6   XVII-H-2     ABS Student Loan/Muni/Mixed     594520HV3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6



                                                                                                                       Page 10 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                  Name/Desc                                         Series          Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series XVII-H-6   XVII-H-3    ABS Student Loan/Muni/Mixed     594520JA7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series XVII-H-6   XVII-H-4    ABS Student Loan/Muni/Mixed     594520HX9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series XVII-H-6   XVII-H-5    ABS Student Loan/Muni/Mixed     594520HY7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series XVII-H-6   XVII-H-6    ABS Student Loan/Muni/Mixed     594520HZ4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6
                       US$441 million student loan revenue bonds and
Michigan Hgr Ed Std Ln
                       refunding revenue bonds series XVII-H-1 thru series XVII-H-6   XVII-H-1    ABS Student Loan/Muni/Mixed     594520HW1 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
Auth
                       XVII-H-6
Michigan Hgr Ed Std Ln US$131 million student loan refunding revenue and
                                                                           XII        Z1          ABS Student Loan/Muni/FFELP     594520JK5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   revenue bonds series XII
Michigan Hgr Ed Std Ln US$131 million student loan refunding revenue and
                                                                           XII        Z2          ABS Student Loan/Muni/FFELP     594520JL3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   revenue bonds series XII
Michigan Hgr Ed Std Ln US$131 million student loan refunding revenue and
                                                                           XII        Z3          ABS Student Loan/Muni/FFELP     594520JM1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   revenue bonds series XII
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                           XVII-I     XVII-I      ABS Student Loan/Muni/Mixed     594520JP4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-I
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                           XVII-I     XVII-I      ABS Student Loan/Muni/Mixed     594520JQ2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-I
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                           XVII-I     XVII-I      ABS Student Loan/Muni/Mixed     594520JR0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-I
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                           XVII-I     XVII-I      ABS Student Loan/Muni/Mixed     594520JS8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-I
Michigan Hgr Ed Std Ln US$30 million student loan revenue bonds series
                                                                           XVII-I     XVII-I      ABS Student Loan/Muni/Mixed     594520JT6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   XVII-I
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         J           ABS Student Loan/Muni/Mixed     594520JU3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-1         ABS Student Loan/Muni/Mixed     594520JV1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-2         ABS Student Loan/Muni/Mixed     594520JW9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-3         ABS Student Loan/Muni/Mixed     594520JX7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-4         ABS Student Loan/Muni/Mixed     594520JY5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-5         ABS Student Loan/Muni/Mixed     594520JZ2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L
                       US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln bonds and student loan revenue bonds, series XVII-
                                                                           --         K-6         ABS Student Loan/Muni/Mixed     594520KA5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                   J; series XVII-K-1 thru series XVII-K-7 and series
                       XVII-L




                                                                                                                  Page 11 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                              Series        Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
                         US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds, series XVII-
                                                                              --         K-7          ABS Student Loan/Muni/Mixed     594520KB3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     J; series XVII-K-1 thru series XVII-K-7 and series
                         XVII-L
                         US$583 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds, series XVII-
                                                                              --         L            ABS Student Loan/Muni/Mixed     594520KC1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     J; series XVII-K-1 thru series XVII-K-7 and series
                         XVII-L
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     M-1          ABS Student Loan/Muni/Mixed     594520KD9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     M-2          ABS Student Loan/Muni/Mixed     594520KE7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-1          ABS Student Loan/Muni/Mixed     594520KF4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-2          ABS Student Loan/Muni/Mixed     594520KG2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-3          ABS Student Loan/Muni/Mixed     594520KH0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-4          ABS Student Loan/Muni/Mixed     594520KJ6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-5          ABS Student Loan/Muni/Mixed     594520KK3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-6          ABS Student Loan/Muni/Mixed     594520KL1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                              XVII-O     N-7          ABS Student Loan/Muni/Mixed     594520KM9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
                         US$625 million student loan refunding revenue
Michigan Hgr Ed Std Ln   bonds and student loan revenue bonds,series XVII-
                                                                                XVII-O   O            ABS Student Loan/Muni/Mixed     594520KN7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     M-1 and series XVII-M-2, series XVII-N-1 thru series
                         XVII-N-7 and series XVII-O
Michigan Hgr Ed Std Ln   US$41 million student loan revenue bonds series
                                                                                XVII-P   XVII-P       ABS Student Loan/Muni/Mixed     594520KP2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     XVII-P
Michigan Hgr Ed Std Ln   US$41 million student loan revenue bonds series
                                                                                XVII-P   XVII-P       ABS Student Loan/Muni/Mixed     594520KQ0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     XVII-P
Michigan Hgr Ed Std Ln   US$41 million student loan revenue bonds series
                                                                                XVII-P   XVII-P       ABS Student Loan/Muni/Mixed     594520KR8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     XVII-P
Michigan Hgr Ed Std Ln   US$51 million student loan revenue bones series
                                                                                XVII-Q   --           ABS Student Loan/Muni/Mixed     594520KW7 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
Auth                     XVII-Q
Michigan Hgr Ed Std Ln   US$51 million student loan revenue bones series
                                                                                XVII-Q   --           ABS Student Loan/Muni/Mixed     594520KX5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     XVII-Q
Michigan Hgr Ed Std Ln   US$51 million student loan revenue bones series
                                                                                XVII-Q   --           ABS Student Loan/Muni/Mixed     594520KY3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Auth                     XVII-Q
Mid-State Trust VII      313.488 mil 6.34% asset-bckd nts due 12/15/2036        --       A            ABS Manufactured Housing        595498AA4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful


                                                                                                                      Page 12 of 23
              2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                    Name/Desc                                            Series           Class               Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
Mid-State Trust VIII      US$386 million fixed-rate asset backed notes         --           Nts         ABS Manufactured Housing        595497AA6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          US$ 20 mil stud ln rev bnds ser 1995-A due
Missouri Hgr Ed Ln Auth                                                        1995-A       A           ABS Student Loan/Muni/Mixed     606072DE3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          02/15/2025
                          US$55 mil stud ln rev bnds ser 1995-B due
Missouri Hgr Ed Ln Auth                                                        1995-B       A           ABS Student Loan/Muni/Mixed     606072DF0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          02/15/2025
                          US$45 mil stud ln rev bnds ser 1995-C due
Missouri Hgr Ed Ln Auth                                                        1995-C       A           ABS Student Loan/Muni/Mixed     606072DG8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          02/15/2025
                          US$40 mil stud ln rev bnds ser 1995-D due
Missouri Hgr Ed Ln Auth                                                        1995-D       A           ABS Student Loan/Muni/Mixed     606072DH6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          02/15/2025
                          US$16 mil 5.4% stud ln rev bnds ser 1996-G due
Missouri Hgr Ed Ln Auth                                                        1996-G       A           ABS Student Loan/Muni/Mixed     606072DP8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          02/15/2022
                          US$55 mil adj rt stud ln rev bnds ser 1996-H due
Missouri Hgr Ed Ln Auth                                                        1996-H       A           ABS Student Loan/Muni/Mixed     606072DJ2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          08/15/2025
                          US$50 million student loan revenue bonds series
Missouri Hgr Ed Ln Auth                                                        1988A        1998A       ABS Student Loan/Muni/FFELP     606072AR7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          1988A
                          US$126 million student loan revenue bonds series
Missouri Hgr Ed Ln Auth                                                        2006-I & J   2006-I      ABS Student Loan/Muni/Mixed     606072JF4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          2006-I & 2006-J
                          US$126 million student loan revenue bonds series
Missouri Hgr Ed Ln Auth                                                        2006-I & J   2006-J      ABS Student Loan/Muni/Mixed     606072JG2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          2006-I & 2006-J
                          £2.50 billion and US$837.5 million fixed- and
Mitchells & Butlers       floating-rate asset-backed notes (including £1.105
                                                                               --           A3N         ABS New Assets-Other            --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC               billion floating-rate asset-backed notes tap and
                          refinancing)
                          £2.50 billion and US$837.5 million fixed- and
Mitchells & Butlers       floating-rate asset-backed notes (including £1.105
                                                                               --           A1N         ABS New Assets-Other            --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC               billion floating-rate asset-backed notes tap and
                          refinancing)
                          £2.50 billion and US$837.5 million fixed- and
Mitchells & Butlers       floating-rate asset-backed notes (including £1.105
                                                                               --           A4          ABS New Assets-Other            --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC               billion floating-rate asset-backed notes tap and
                          refinancing)
                          £2.50 billion and US$837.5 million fixed- and
Mitchells & Butlers       floating-rate asset-backed notes (including £1.105
                                                                               --           AB          ABS New Assets-Other            --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC               billion floating-rate asset-backed notes tap and
                          refinancing)
                          £2.50 billion and US$837.5 million fixed- and
Mitchells & Butlers       floating-rate asset-backed notes (including £1.105
                                                                               --           A2          ABS New Assets-Other            --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
Finance PLC               billion floating-rate asset-backed notes tap and
                          refinancing)
                          US$40.655 mil poll ctl rev rfdg bnds ser 1994 due
Moffat Cnty                                                                    1994                                                     607874BX1    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                          05/01/2013
National Collegiate       US$248 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2003 AR-11, AR-12,      NCT-2003     AR-11       ABS Student Loan/ABS/Private    63543NAL5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             AR-13, AR-14
National Collegiate       US$248 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2003 AR-11, AR-12,      NCT-2003     AR-12       ABS Student Loan/ABS/Private    63543NAM3 Ambac Assurance Corp.          AAA            Negative        AAA          Not Meaningful
Trust I (The)             AR-13, AR-14
National Collegiate       US$248 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2003 AR-11, AR-12,      NCT-2003     AR-13       ABS Student Loan/ABS/Private    63543NAN1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             AR-13, AR-14
National Collegiate       US$248 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2003 AR-11, AR-12,      NCT-2003     AR-14       ABS Student Loan/ABS/Private    63543NAP6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             AR-13, AR-14
National Collegiate       US$357 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2002AR-6, AR-7, AR-     NCT-2002     AR-6        ABS Student Loan/ABS/Private    63543NAF8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             8, AR-9, AR-10
National Collegiate       US$357 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2002AR-6, AR-7, AR-     NCT-2002     AR-7        ABS Student Loan/ABS/Private    63543NAG6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             8, AR-9, AR-10
National Collegiate       US$357 million student loan asset-backed auction
Master Student Loan       rate senior notes series NCT-2002AR-6, AR-7, AR-     NCT-2002     AR-8        ABS Student Loan/ABS/Private    63543NAH4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Trust I (The)             8, AR-9, AR-10

                                                                                                                        Page 13 of 23
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Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                Name/Desc                                          Series         Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
National Collegiate   US$357 million student loan asset-backed auction
Master Student Loan   rate senior notes series NCT-2002AR-6, AR-7, AR- NCT-2002       AR-9      ABS Student Loan/ABS/Private    63543NAJ0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust I (The)         8, AR-9, AR-10
National Collegiate   US$357 million student loan asset-backed auction
Master Student Loan   rate senior notes series NCT-2002AR-6, AR-7, AR- NCT-2002       AR-10     ABS Student Loan/ABS/Private    63543NAK7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust I (The)         8, AR-9, AR-10
National Collegiate
                      US$105 million student loan asset-backed auction
Master Student Loan                                                      NCT-2002     AR-5      ABS Student Loan/ABS/Private    63543NAE1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      rate senior notes series NCT-2002AR-4, AR-5
Trust I (The)
National Collegiate   US$99 million student loan asset-backed auction
Master Student Loan   rate senior notes series NCT 2005AR-15 and NCT     NCT-2005AR   AR-15     ABS Student Loan/ABS/Private    63543NAQ4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust I (The)         2005AR-16
National Collegiate   US$99 million student loan asset-backed auction
Master Student Loan   rate senior notes series NCT 2005AR-15 and NCT     NCT-2005AR   AR-16     ABS Student Loan/ABS/Private    63543NAR2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust I (The)         2005AR-16
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-1-L     ABS Student Loan/ABS/Private    63544BAA4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-2-AR-1 ABS Student Loan/ABS/Private     63544DAA0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-2-AR-2 ABS Student Loan/ABS/Private     63544DAB8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-2-AR-3 ABS Student Loan/ABS/Private     63544DAC6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-2-AR-4 ABS Student Loan/ABS/Private     63544DAD4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-L     ABS Student Loan/ABS/Private    63544BAB2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-1 ABS Student Loan/ABS/Private     63544DAE2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-2 ABS Student Loan/ABS/Private     63544DAF9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-3 ABS Student Loan/ABS/Private     63544DAG7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-4 ABS Student Loan/ABS/Private     63544DAH5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-5 ABS Student Loan/ABS/Private     63544DAJ1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-6 ABS Student Loan/ABS/Private     63544DAK8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-3-AR-7 ABS Student Loan/ABS/Private     63544DAL6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-3       A-IO      ABS Student Loan/ABS/Private    63544BAC0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-3
2007-3 (The)
National Collegiate
                      US$1,464 million student loan asset-backed notes
Student Loan Trust                                                       2007-4       A-1-L     ABS Student Loan/ABS/Private    63544CAA2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                      and certificates series 2007-4
2007-4 (The)




                                                                                                                Page 14 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                  Name/Desc                                          Series           Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-2-AR-1 ABS Student Loan/ABS/Private       63544EAA8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-2-AR-2 ABS Student Loan/ABS/Private       63544EAB6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-2-AR-4 ABS Student Loan/ABS/Private       63544EAD2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-L       ABS Student Loan/ABS/Private    63544CAB0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-1 ABS Student Loan/ABS/Private       63544EAE0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-2 ABS Student Loan/ABS/Private       63544EAF7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-3 ABS Student Loan/ABS/Private       63544EAG5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-4 ABS Student Loan/ABS/Private       63544EAH3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-5 ABS Student Loan/ABS/Private       63544EAJ9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-6 ABS Student Loan/ABS/Private       63544EAK6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-3-AR-7 ABS Student Loan/ABS/Private       63544EAL4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-IO        ABS Student Loan/ABS/Private    63544CAC8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)
National Collegiate
                        US$1,464 million student loan asset-backed notes
Student Loan Trust                                                         2007-4       A-2-AR-3 ABS Student Loan/ABS/Private       63544EAC4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        and certificates series 2007-4
2007-4 (The)

New Jersey Economic     US$39 mil gas fac rev bnds ser 1996A due
                                                                           1996A                                                    645779AX7   AMBAC Assuramce Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Development Authority   06/01/2026

New York St Energy      US$44 mil pol cntl rfdg rev bnds ser 1995 due
                                                                           1995                                                     649845DV3   AMBAC Assuramce Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Research & Dev Auth     08/01/2015
North Texas Hgr Ed      US$175 million student loan revenue bonds series
                                                                           2005         A           ABS Student Loan/Muni/FFELP     662826DK9   Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
Auth                    2005
North Texas Hgr Ed      US$175 million student loan revenue bonds series
                                                                           2005         B           ABS Student Loan/Muni/FFELP     662826DL7   Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
Auth                    2005
North Texas Hgr Ed      US$200 million student loan revenue bonds series
                                                                           2006 A B C   A           ABS Student Loan/Muni/FFELP     662826DP8   Ambac Assurance Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    2006 A, B, and C
North Texas Hgr Ed      US$200 million student loan revenue bonds series
                                                                           2006 A B C   B           ABS Student Loan/Muni/FFELP     662826DQ6   Ambac Assurance Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    2006 A, B, and C
North Texas Hgr Ed      US$200 million student loan revenue bonds series
                                                                           2006 A B C   C           ABS Student Loan/Muni/FFELP     662826DR4   Ambac Assurance Corp.    AAA/A-1+                       AAA/A-1+
Auth                    2006 A, B, and C
North Texas Hgr Ed      US$200 million student loan revenue bonds series
                                                                           2006D        A           ABS Student Loan/Muni/FFELP     662826DS2   Ambac Assurance Corp.    AAA/A-1+                       AAA/A-1+
Auth                    2006D
North Texas Hgr Ed      US$17.5 mil stud ln rev bnds ser 1996C due
                                                                           1996C                                                    662826CL8   AMBAC Assuramce Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    04/01/2036
North Texas Hgr Ed      US$17.5 mil stud ln rev bnds ser 1996A due
                                                                           1996A                                                    662826CJ3   AMBAC Assuramce Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    04/01/2036



                                                                                                                    Page 15 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                              Series               Class               Collateral                CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
North Texas Hgr Ed       US$25 mil stud ln rev bnds ser 1991F due
                                                                                1991F                                                         662826BS4    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                     04/01/2020
North Texas Hgr Ed       US$25 mil stud ln rev bnds ser 1991C due
                                                                                1991C                                                         662826BR6    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                     04/01/2020
Obelisk Trust            Obelisk Trust                                          2006-5 Keolis   --           CDO Synthetic Other                           AMBAC Assurance Corp.       AAAp N.R.i     Negative        AAAp N.R.i   Not Meaningful
Obelisk Trust            Obelisk Trust                                          2006-6 Keolis   T1           CDO Synthetic Other                           AMBAC Assurance Corp.       AAAp N.R.i     Negative        AAAp N.R.i   Not Meaningful
Origen Manufactured
                         US$200 million origen manufactured housing
Housing Contract Trust                                                          2006-A          A-1          ABS Manufactured Housing         68620BAA0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract trust collateralized notes series 2006-A
2006-A
Origen Manufactured
                         US$200 million origen manufactured housing
Housing Contract Trust                                                          2006-A          A-2          ABS Manufactured Housing         68620BAB8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                         contract trust collateralized notes series 2006-A
2006-A
Origen Manufactured
Housing Contract Trust   US$184 million origen manufactured housing
                                                                                2007-A          A-1          ABS Manufactured Housing         --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Collateralized Notes     contract trust collateralized notes series 2007-A
2007-A
Origen Manufactured
Housing Contract Trust   US$184 million origen manufactured housing
                                                                                2007-A          A-2          ABS Manufactured Housing         --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Collateralized Notes     contract trust collateralized notes series 2007-A
2007-A
Origen Manufactured
Housing Contract Trust   US$126 million floating rate class A notes series
                                                                                2007-B          A            ABS Manufactured Housing         68620KAA0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Collateralized Notes     2007-B
2007-B
Pennsylvania Hgr Ed
                         US$100 mil ser 1999-A due 06/01/2029                   1999-A          bnds         ABS Student Loan/Muni/FFELP      709163BT5    Ambac Assurance Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy
Pennsylvania Hgr Ed      US$75 million student loan adjustable rate revenue
                                                                            A                   2001A        ABS Student Loan/Muni/FFELP      709163CG2    Ambac Assurance Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                 bonds 2001 series A
Pennsylvania Hgr Ed      US$225 million student loan adjustable rate
                                                                            2006A               A            ABS Student Loan/Muni/FFELP      709163GE3    Ambac Assurance Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                 revenue bonds
Pennsylvania Hgr Ed      US$400 million student loan adjustable rate
                                                                            2007-A              A            ABS Student Loan/Muni/FFELP      709163HC6    Ambac Assurance Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                 revenue bonds 2007 series A
Pennsylvania Hgr Ed
                         US$100 mil ser 1999-A due 06/01/2029                   1999-A          bnds         ABSSLNMFEL                       709163BT5    AMBAC Assuramce Corp.       AAA/A-1+       Not Meaningful AAA/A-1+      Not Meaningful
Asst Agy
Pennsylvania Hgr Ed
                         US$150 mil ser 2003A due 01/01/2033                    2003A           A-2                                           709163DN6    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy
Pennsylvania Hgr Ed
                         US$150 mil ser 2003A due 01/01/2033                    2003A           A-1                                           709163DP1    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy
Pennsylvania Hgr Ed         US$125 mil stud ln adj rt rev bnds ser 1997A due
                                                                                1997A                                                         709163BM0    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    03/01/2027
Pennsylvania Hgr Ed         US$36 mil stud ln adj rate tender rev bnds ser
                                                                                1988E                                                         709163BG3    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    1988E due 07/01/2018
Pennsylvania Hgr Ed         US$75 mil stud ln adj rate tender rev bnds ser
                                                                                1988C                                                         709163BE8    AMBAC Assuramce Corp.       AAA/A-1+                       AAA/A-1+
Asst Agy                    1988C due 07/01/2018
Pennsylvania Hgr Ed         US$125 mil stud ln adj rate rev bnds ser 1995A
                                                                                1995A                                                         709163BL2    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    due 12/01/2025
Pennsylvania Hgr Ed         US$125 mil stud ln adj rate rev bnds ser 1994A
                                                                                1994A                                                         709163BJ7    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    due 12/01/2024
Pennsylvania Hgr Ed         US$110 mil adj rate tender rev bnds ser 1988B due
                                                                                1988B                                                         709163AG4    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    07/01/2018
Pennsylvania Hgr Ed         US$100 mil adj rate tender rev bnds ser 1988A due
                                                                                1988A                                                         709163AF6    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Asst Agy                    01/01/2018
Pinellas Cnty Hlth Fac      US$78 mil daily adj tax exempt secd rfdg prog rev
                                                                                1985                                                          72316MAA7    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                        bnds ser 1985 due 12/01/2015
                            EUR1.74 billion asset-backed floating-rate notes
Posillipo Finance II S.r.l.                                                     2007-1          A1           ABS Healthcare                   --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            series 2007-1
Punch Taverns Finance £2,100 million asset-backed fixed- and floating-rate
                                                                                --              B3           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC                         notes
Punch Taverns Finance £2,100 million asset-backed fixed- and floating-rate
                                                                                --              M2(N)        ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC                         notes



                                                                                                                              Page 16 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                  Name/Desc                                              Series       Class               Collateral              CUSIP                    Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
                        US$25 mil adj rt tender secs (ARTS) poll cntl rev
Red River Auth                                                                 1996                                                   756864BP8   AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                        rfdg bnds ser 1996 due 07/01/2016
Rental Car Finance      US$500 million floating rate rental car asset backed
                                                                               2004-1   A           ABS Rental Cars                   760106AT1   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Corp.                   notes series 2004-1
Rental Car Finance      US$600 million rental car asset-backed notes series
                                                                               2006-1   A           ABS Rental Cars                   760106AW4 Ambac Assurance Corp.         AAA            Negative        AAA          Not Meaningful
Corp.                   2006-1
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A1     ABS Student Loan/Muni/Private     762315GG8   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A2     ABS Student Loan/Muni/Private     762315GH6   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GM5   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GN3   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GP8   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GQ6   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GR4   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GS2   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GT0   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GU7   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GV5   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2004-A   2004-A3     ABS Student Loan/Muni/Private     762315GW3 Ambac Assurance Corp.         AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2004-A
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2006     Series 1    ABS Student Loan/Muni/Private     762315HA0   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2006
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2006     Series 2    ABS Student Loan/Muni/Private     762315HB8   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2006
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2006     Series 3    ABS Student Loan/Muni/Private     762315GX1   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2006
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2006     Series 3    ABS Student Loan/Muni/Private     762315GY9   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2006
Rhode Island Std Loan   US$100 million student loan program revenue
                                                                               2006     Series 3    ABS Student Loan/Muni/Private     762315GZ6   Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Auth                    bonds series 2006
Rhode Island Std Loan   US$25 mil stud ln prog rev bnds dtd 04/10/1996
                                                                               1996-3   1996                                          762315CN7   AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    ser 1996-3 due 06/01/2026
Rhode Island Std Loan   US$20 mil stud ln prog rev bnds dtd 04/10/1996
                                                                               1996-2   1996                                          762315CM9   AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    ser 1996-2 due 06/01/2026
Rhode Island Std Loan   US$20 mil stud ln prog rev bnds dtd 04/10/1996
                                                                               1996-1   1996                                          762315CL1   AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    ser 1996-1 due 06/01/2026
Rhode Island Std Loan   US$30 mil stud loan prog rev bnds ser 1995-1 due
                                                                               1995-1                                                 762315BT5   AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
Auth                    07/01/2019
                        £208.45 million and US$500 million mortgage-
RMAC 2003-NS4 PLC                                                              --       A2a         RMBS Sub-Prime                    74962XAC2   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        backed floating-rate notes
                        £208.45 million and US$500 million mortgage-
RMAC 2003-NS4 PLC                                                              --       A2b         RMBS Sub-Prime                    74962XAD0   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        backed floating-rate notes
                        £208.45 million and US$500 million mortgage-
RMAC 2003-NS4 PLC                                                              --       A3          RMBS Sub-Prime                    74962XAE8   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        backed floating-rate notes
                        EUR365 million, US$320 million and £338.4 million
RMAC 2004-NS1 PLC                                                              --       A2a         RMBS Sub-Prime                    74962EAD2   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        mortgage-backed floating-rate notes
                        EUR365 million, US$320 million and £338.4 million
RMAC 2004-NS1 PLC                                                              --       A2b         RMBS Sub-Prime                    74962EAE0   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        mortgage-backed floating-rate notes
                        EUR365 million, US$320 million and £338.4 million
RMAC 2004-NS1 PLC                                                              --       A2c         RMBS Sub-Prime                    74962EAF7   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        mortgage-backed floating-rate notes
                        EUR365 million, US$320 million and £338.4 million
RMAC 2004-NS1 PLC                                                              --       A3          RMBS Sub-Prime                    74962EAJ9   Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                        mortgage-backed floating-rate notes


                                                                                                                      Page 17 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                      Name/Desc                                             Series          Class               Collateral                CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch

                    EUR409 million, £350.25 million and US$ 1,617.5
RMAC 2004-NSP 2 PLC                                                               --          A2a         RMBS Sub-Prime                   74963RAB6    Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                    million mortgage-backed floating-rate notes

                            EUR409 million, £350.25 million and US$ 1,617.5
RMAC 2004-NSP 2 PLC                                                               --          A2b         RMBS Sub-Prime                   74963RAC4    Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            million mortgage-backed floating-rate notes

                            EUR409 million, £350.25 million and US$ 1,617.5
RMAC 2004-NSP 2 PLC                                                               --          A2c         RMBS Sub-Prime                   74963RAD2    Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            million mortgage-backed floating-rate notes

                            EUR409 million, £350.25 million and US$ 1,617.5
RMAC 2004-NSP 2 PLC                                                               --          A3          RMBS Sub-Prime                   74963RAG5    Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            million mortgage-backed floating-rate notes
                            US$600 million fixed rate series 2006-1 senior
Sonic Capital LLC                                                                 2006-1      A-1         ABS New Assets-Other             --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            notes
                            US$600 million fixed rate series 2006-1 senior
Sonic Capital LLC                                                                 2006-1      A-2         ABS New Assets-Other             83545YAA1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            notes
South Carolina Student      US$182 million student loan-backed notes 2006-A
                                                                                  2006-A      A-1         ABS Student Loan/Muni/Mixed      83715AAC3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Loan Corp                   series
South Carolina Student      US$182 million student loan-backed notes 2006-A
                                                                                  2006-A      A-2         ABS Student Loan/Muni/Mixed      83715AAD1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Loan Corp                   series
                            £1.25 billion fixed- and floating-rate asset-backed
Spirit Issuer PLC                                                                 --          A1          ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            debenture bonds
                            £1.25 billion fixed- and floating-rate asset-backed
Spirit Issuer PLC                                                                 --          A3          ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            debenture bonds
                            £1.25 billion fixed- and floating-rate asset-backed
Spirit Issuer PLC                                                                 --          A5          ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
                            debenture bonds
Spirit Master Funding II    US$302 million net lease mortgage notes series
                                                                                  2006-1      A           ABS New Assets-Other             84860RAA1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         2006-1
Spirit Master Funding III   US$350 milliom net lease mortgage notes series
                                                                                  2007-1      A           ABS New Assets-Other             84860PAA5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         2007-1 class A
Spirit Master Funding       US$441 miillion net-lease mortgage notes series
                                                                                  2005-1      A-1         ABS New Assets-Other             848601AA8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         2005-1
Spirit Master Funding       US$441 miillion net-lease mortgage notes series
                                                                                  2005-1      A-2         ABS New Assets-Other             848601AB6    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         2005-1
State of Ohio (Ohio
                            US$104 million student loan revenue bonds series
Centric Student Loan                                                              2001&2002   2001A       ABS Student Loan/Muni/Mixed      67759LAA3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2001 and 2002
Program)
State of Ohio (Ohio
                            US$104 million student loan revenue bonds series
Centric Student Loan                                                              2001&2002   2001B       ABS Student Loan/Muni/Mixed      67759LAB1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2001 and 2002
Program)
State of Ohio (Ohio
                            US$104 million student loan revenue bonds series
Centric Student Loan                                                              2001&2002   2002A-1     ABS Student Loan/Muni/Mixed      67759LAC9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2001 and 2002
Program)
State of Ohio (Ohio
                            US$104 million student loan revenue bonds series
Centric Student Loan                                                              2001&2002   2002A-2     ABS Student Loan/Muni/Mixed      67759LAD7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2001 and 2002
Program)
State of Ohio (Ohio
                            US$104 million student loan revenue bonds series
Centric Student Loan                                                              2001&2002   2002B       ABS Student Loan/Muni/Mixed      67759LAE5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2001 and 2002
Program)
State of Ohio (Ohio
                            US$50 million student loan revenue bonds series
Centric Student Loan                                                              2006A       2006A       ABS Student Loan/Muni/Mixed      67759LAF2    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            2006A
Program)
Stonebridge Pass
                            US$147 milliion Pass Through notes Series 2007 A 2007 A           B           ABS New Assets-Other             86176JAB1    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Through Trust
Stonebridge Pass
                            US$147 milliion Pass Through notes Series 2007 A 2007 A           E           ABS New Assets-Other             86176JAE5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Through Trust
Student Loan Funding        US$220 mil stud ln rev bnds ser 1995B due
                                                                                  1995B       B-2         ABS Student Loan/ABS/ FFELP      863869CJ0    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         06/01/2025
Student Loan Funding        US$220 mil stud ln rev bnds ser 1995B due
                                                                                  1995B       B-3         ABS Student Loan/ABS/ FFELP      863869CK7    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         06/01/2025
Student Loan Funding        US$220 mil stud ln rev bnds ser 1995B due
                                                                                  1995B       B-4         ABS Student Loan/ABS/ FFELP      863869CL5    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         06/01/2025


                                                                                                                           Page 18 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                      Name/Desc                                            Series            Class                Collateral               CUSIP                  Insurer       From Rating    Credit Watch    To Rating     To CreditWatch
Student Loan Funding        US$220 mil stud ln rev bnds ser 1995B due
                                                                                 1995B        B-5          ABS Student Loan/ABS/ FFELP      863869CM3    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         06/01/2025
Student Loan Funding        US$220 mil stud ln rev bnds ser 1995B due
                                                                                 1995B        B-1          ABS Student Loan/ABS/ FFELP      863869CH4    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
LLC                         06/01/2025
                            US$21.26 mil poll ctl rev rfdg bnds ser 1994 due
Sweetwater Cnty                                                                  1994                                                       870487BS3    AMBAC Assuramce Corp.       AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                            11/01/2024
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           A3           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           A5           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           A7           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           A8           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           B5           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
                            £3,637.645 million fixed- and floating-rate asset-
Telereal Securitisation
                            backed notes and floating-rate asset-backed          --           B6           ABS New Assets-Other             --           Ambac Assurance U.K. Ltd.   AAA            Negative        AAA          Not Meaningful
PLC
                            deferrable interest notes
Textainer Marine            US$580 million floating rate asset-backed notes
                                                                                 2005-1       A            ABS Railcar/Container            883145AC8    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Containers Limited          series 2005-1
TIERS Principal
Protected Minimum
Return Asset Backed         US$135 million certificates series russell 2004-1    RUSSELL      Certs        ABS Synthetic                    --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Certificates Trust Series
Russell 2004-1
TIERS Principal
Protected Minimum
                            US$217 million trust certificates series S&P 2003-
Return Asset Backed                                                              S&P2003-23   Certificat   ABS Synthetic                    --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            23
Certificates Trust Series
S&P 2003-23
TIERS Principal
Protected Minimum
                            US$13.6 million trust certifcates series S&P 2003-
Return Asset Backed                                                              S&P2003-33   Certs        ABS Synthetic                    87246P204    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                            33
Certificates Trust Series
S&P 2003-33
TIERS
Principal_Protected
Minimum Return Asset
                            US$ 315 million certificates series DJIA 2003-16     DJIA200316   Certificat   ABS Synthetic                    --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Backed Certificates
Trust Series DJIA 2003-
16

TIERS Principal-
Protected Minimum
                          US$83 million tiers principal-protected minimum
Return Asset Backed                                                              2003-12      --           ABS Synthetic                    87246P9A9    Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                          return trust certificates series Nasdaq 2003-12
Certificates Trust Series
Nasdaq 2003-12

TIERS Principal-
Protected Minimum
Return Asset Backed       US$ 253 million certificates series Nasdaq 2003-13 NASDAQ2003       certificat   ABS Synthetic                    --           Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
Certificates Trust Series
Nasdaq 2003-13




                                                                                                                            Page 19 of 23
             2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                    Name/Desc                                             Series                   Class                  Collateral               CUSIP                  Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
TIERS Principal-
Protected Minimum
                          US$ 215 million trust certificates series S&P 2003-
Return Asset Backed                                                             S&P2003-10          Certs        ABS Synthetic                      --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                          10
Certificates Trust Series
S&P 2003-10

Titan Securitisation Ltd. Titan Securitisation Ltd.                             MTN Series 2005-2   --           ABS Other                                       AMBAC Assurance Corp.    AAA            Negative        AAA          Not Meaningful

Transferable Custody
Receipts relating to      US$80 million transferable custody receipts relating
Continental Airlines      to Continental Airlines pass through trust series    1999-2               --           ABS Synthetic                      --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Pass Through Trust        1999-2
Series 1999-2
Triad Automobile Rec
                          US$1,092 million asset-backed notes series 2006-C 2006-C                  A-3          ABS Auto-Subprime                  89578PAC3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2006-C
Triad Automobile Rec
                          US$1,092 million asset-backed notes series 2006-C 2006-C                  A-4          ABS Auto-Subprime                  89578PAD1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2006-C
Triad Automobile
Receivables Trust 2005-   US$1,104 million asset-backed notes series 2005-A 2005-A                  A-3          ABS Auto-Subprime                  89578SAM5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
A
Triad Automobile
Receivables Trust 2005-   US$1,104 million asset-backed notes series 2005-A 2005-A                  A-4          ABS Auto-Subprime                  89578SAN3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
A
Triad Automobile
Receivables Trust 2006-   US$822 million asset-backed notes series 2006-A       2006-A              A-3          ABS Auto-Subprime                  895787AW9 Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
A
Triad Automobile
Receivables Trust 2006-   US$822 million asset-backed notes series 2006-A       2006-A              A-4          ABS Auto-Subprime                  895787AX7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
A
UCAT 2005-1               US$100 million floating rate notes                    --                  notes        ABS Aircraft                       90264FAE8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
U-Haul Box Truck
                          US$217 million box truck asset backed notes series
Securitization 2007-1-                                                       2007-1-BT              Sr Debt      ABS Commercial-Other               902733AB0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                          2007-1-BT
BT

U-Haul Cargo Van/Pick-
                        US$86 million cargo van/pick-up truck asset backed                          SeniorDe
Up Truck Securitization                                                    2007-1-CP                         ABS Commercial-Other                   902733AA2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        notes series 2007-1-CP                                                      bt
2007-1-CP

UPFC Auto Receivables US$195 million automobile receivables-backed
                                                                                2005-A              A-3          ABS Auto-Subprime                  903206AF7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2005-A          notes series 2005-A

UPFC Auto Receivables US$250 million automobile receivables-backed
                                                                                2006-B              A-2          ABS Auto-Subprime                  903205AB8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2006-B          notes series 2006-B

UPFC Auto Receivables US$250 million automobile receivables-backed
                                                                                2006-B              A-3          ABS Auto-Subprime                  903205AC6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2006-B          notes series 2006-B

UPFC Auto Receivables US$250 million automobile receivables-backed
                                                                                2007-B              A-2          ABS Auto-Subprime                  --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2007-B          notes series 2007-B

UPFC Auto Receivables US$250 million automobile receivables-backed
                                                                                2007-B              A-3          ABS Auto-Subprime                  --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Trust 2007-B          notes series 2007-B

Utah St Brd of Regents    US$20.5 mil stud ln rev bnds ser K due 11/01/2024 1994-K                  K            ABS Student Loan/Muni/FFELP        917546DX8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful

                          US$79.5 mil adj rate US$79.5 mil stud ln rev bonds
Utah St Brd of Regents    ser 1995-L due 11/01/2025 pass-thru ser 1995-L        1995-L              A            ABS Student Loan/Muni/FFELP        917546EA7    Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                          due 11/01/2025
                          US$8.450 mil stud ln rev bonds ser 1995-N due
Utah St Brd of Regents                                                          1995-N              C            ABS Student Loan/Muni/FFELP        917546EE9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                          05/01/2008
                          US$49.7 mil adj rt stud ln rev bnds ser 1996-Q due
Utah St Brd of Regents                                                          1996-Q              A            ABS Student Loan/Muni/FFELP        917546EF6    Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                          11/01/2031
                          US$44 million student loan revenue bonds 2000
Utah St Brd of Regents                                                          S                   Series S     ABS Student Loan/Muni/FFELP        917546FE8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                          Series S

                                                                                                                                    Page 20 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                   Name/Desc                                           Series       Class               Collateral            CUSIP                    Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
                         US$49 million student loan revenue bonds 2000
Utah St Brd of Regents                                                       T        Series T    ABS Student Loan/Muni/FFELP     917546FF5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         Series T
                         US$35 million student loan revenue bonds 2000
Utah St Brd of Regents                                                       U        Series U    ABS Student Loan/Muni/FFELP     917546FG3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         Series U
                         US$43 million student loan revenue bonds series
Utah St Brd of Regents                                                       2003 V   V           ABS Student Loan/Muni/FFELP     917546FX6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         2003 V
                         US$151 million student laon revenue bonds 2005
Utah St Brd of Regents                                                       2005WX   W           ABS Student Loan/Muni/FFELP     917546GA5   Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         series W and X
                         US$151 million student laon revenue bonds 2005
Utah St Brd of Regents                                                       2005WX   X           ABS Student Loan/Muni/FFELP     917546GB3   Ambac Assurance Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         series W and X
                         US$99 million student loan revenue bonds 2007
Utah St Brd of Regents                                                       2007 Y   Y           ABS Student Loan/Muni/FFELP     917546GL1   Ambac Assurance Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                         series Y
                         US$25 mil adj rate US$25 mil stud ln rev bnds ser
Utah St Brd of Regents   1988C due 11/01/2013 stud ln ser 1988-C due         1988-C               ABSSLNMFEL                      917546BN2   AMBAC Assuramce Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         11/01/2013
                         US$51.355 mil stud ln rev bnds ser 1997R due
Utah St Brd of Regents                                                       1997R                                                917546EL3   AMBAC Assuramce Corp.    AAA/A-1        Negative        AAA/A-1      Not Meaningful
                         11/01/2031
                         US$24 mil educ ln rev bnds ser 1995A due
Vermont Std Asst Corp                                                        1995A    A           ABS Student Loan/Muni/Mixed     92428CDB7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2025
                         US$24 mil educ ln rev bnds ser 1995B due
Vermont Std Asst Corp                                                        1995B    A           ABS Student Loan/Muni/Mixed     92428CDC5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2025
                         US$24 mil educ ln rev bnds ser 1995C due
Vermont Std Asst Corp                                                        1995C    A           ABS Student Loan/Muni/Mixed     92428CDD3   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2025
                         US$24 mil educ ln rev bnds ser 1995D due
Vermont Std Asst Corp                                                        1995D    A           ABS Student Loan/Muni/Mixed     92428CDE1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2025
                         US$25 mil ed ln rev bnds ser 1996F due
Vermont Std Asst Corp                                                        1996F    A           ABS Student Loan/Muni/Mixed     92428CDG6 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
                         12/15/2036
                         US$25 mil ed ln rev bnds ser 1996G due
Vermont Std Asst Corp                                                        1996G    A           ABS Student Loan/Muni/Mixed     92428CDH4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2036
                         US$25 mil ed ln rev bnds ser 1996H due
Vermont Std Asst Corp                                                        1996H    A           ABS Student Loan/Muni/Mixed     92428CDJ0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2036
Vermont Std Asst Corp    US$25 mil ed ln rev bnds ser 1996I due 12/15/2036 1996I      A           ABS Student Loan/Muni/Mixed     92428CDK7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful

Vermont Std Asst Corp    US$38 mil auc rt certs ser 1998K due 12/15/2032     1998K    K           ABS Student Loan/Muni/Mixed     92428CDN1   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful

Vermont Std Asst Corp    US$38 mil auc rt certs ser 1998L due 12/15/2032     1998L    L           ABS Student Loan/Muni/Mixed     92428CDP6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         US$37.75 mil auc rt certs ser 1998M due
Vermont Std Asst Corp                                                        1998M    M           ABS Student Loan/Muni/Mixed     92428CDQ4 Ambac Assurance Corp.      AAA            Negative        AAA          Not Meaningful
                         12/15/2032
                         US$41.25 mil auc var rt secs ser 1998N due
Vermont Std Asst Corp                                                        1998N    N           ABS Student Loan/Muni/Mixed     92428CDR2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         12/15/2032
                         US$40 million acution rate education loan revenue
Vermont Std Asst Corp                                                        2000S    2000S       ABS Student Loan/Muni/Mixed     92428CDX9   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds series 2000S
                         US$40 million auction rate education loan revenue
Vermont Std Asst Corp                                                        2000-T   2000T       ABS Student Loan/Muni/Mixed     92428CDY7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds series 2000-T
                         US$50 million auction-rate education loan revenue
Vermont Std Asst Corp                                                        2000U    2000U       ABS Student Loan/Muni/Mixed     92428CDZ4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         bonds series 2000U
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001V       ABS Student Loan/Muni/Mixed     92428CEA8   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001W       ABS Student Loan/Muni/Mixed     92428CEB6   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001X       ABS Student Loan/Muni/Mixed     92428CEC4   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001Y       ABS Student Loan/Muni/Mixed     92428CED2   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001Z       ABS Student Loan/Muni/Mixed     92428CEE0   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$164 million education loan revenue bonds
Vermont Std Asst Corp                                                        2001     2001AA      ABS Student Loan/Muni/Mixed     92428CEF7   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         series 2001
                         US$ 39 million education loan revenue bonds
Vermont Std Asst Corp                                                        2002BB   2002BB      ABS Student Loan/Muni/Mixed     92428CEG5   Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                         senior series 2002BB



                                                                                                                  Page 21 of 23
            2fb89816-f9f2-4b75-9459-52f1d3f738c7.xls


Ambac Assurance Corp.
Structured Finance Rating Actions:
Issuer                  Name/Desc                                           Series                 Class               Collateral               CUSIP                  Insurer    From Rating    Credit Watch    To Rating     To CreditWatch
                        US$39 million education loan revenue bonds senior
Vermont Std Asst Corp                                                       2002CC            2002CC       ABS Student Loan/Muni/Mixed     92428CEH3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2002CC
                        US$33 million education loan revenue bonds senior
Vermont Std Asst Corp                                                       2002DD            2002DD       ABS Student Loan/Muni/Mixed     92428CEJ9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2002DD
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              FF           ABS Student Loan/Muni/Mixed     92428CEL4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              FF           ABS Student Loan/Muni/Mixed     92428CEM2 Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              GG           ABS Student Loan/Muni/Mixed     92428CEN0    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              HH           ABS Student Loan/Muni/Mixed     92428CEP5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              II           ABS Student Loan/Muni/Mixed     92428CEQ3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              JJ           ABS Student Loan/Muni/Mixed     92428CER1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              KK           ABS Student Loan/Muni/Mixed     92428CES9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$360 million education loan revenue bonds
Vermont Std Asst Corp                                                       2003              LL           ABS Student Loan/Muni/Mixed     92428CET7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2003
                        US$275 million education loan revenue bonds
Vermont Std Asst Corp                                                       2004              MM           ABS Student Loan/Muni/Mixed     92428CEU4    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2004
                        US$275 million education loan revenue bonds
Vermont Std Asst Corp                                                       2004              NN           ABS Student Loan/Muni/Mixed     92428CEV2    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2004
                        US$275 million education loan revenue bonds
Vermont Std Asst Corp                                                       2004              OO           ABS Student Loan/Muni/Mixed     92428CEW0 Ambac Assurance Corp.       AAA            Negative        AAA          Not Meaningful
                        series 2004
                        US$275 million education loan revenue bonds
Vermont Std Asst Corp                                                       2004              PP           ABS Student Loan/Muni/Mixed     92428CEX8    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2004
                        US$239 million education loan revenue bonds
Vermont Std Asst Corp                                                       2005              QQ           ABS Student Loan/Muni/Mixed     92428CEY6    Ambac Assurance Corp.    AAA/A-1+       Negative        AAA/A-1+     Not Meaningful
                        senior series 2005
                        US$239 million education loan revenue bonds
Vermont Std Asst Corp                                                       2005              RR           ABS Student Loan/Muni/Mixed     92428CEZ3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        senior series 2005
                        US$239 million education loan revenue bonds
Vermont Std Asst Corp                                                       2005              SS           ABS Student Loan/Muni/Mixed     92428CFA7    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        senior series 2005
                        US$175 million education loan revenue bonds
Vermont Std Asst Corp                                                       2006-TT UU VV     TT           ABS Student Loan/Muni/Mixed     92428CFB5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2006-TT UU VV
                        US$175 million education loan revenue bonds
Vermont Std Asst Corp                                                       2006-TT UU VV     UU           ABS Student Loan/Muni/Mixed     92428CFC3    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2006-TT UU VV
                        US$175 million education loan revenue bonds
Vermont Std Asst Corp                                                       2006-TT UU VV     VV           ABS Student Loan/Muni/Mixed     92428CFD1    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2006-TT UU VV
                        US$230 million education loan revenue bonds
Vermont Std Asst Corp                                                       2007 - WW,XX YY   2007WW ABS Student Loan/Muni/Mixed           92428CFE9    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2007 - WW XX YY
                        US$230 million education loan revenue bonds
Vermont Std Asst Corp                                                       2007 - WW,XX YY   2007XX       ABS Student Loan/Muni/Mixed     92428CFF6    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2007 - WW XX YY
                        US$230 million education loan revenue bonds
Vermont Std Asst Corp                                                       2007 - WW,XX YY   2007YY       ABS Student Loan/Muni/Mixed     --           Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
                        series 2007 - WW XX YY
Washington Mutual       US$734 million floating rate asset backed
                                                                            2001-D            A            ABS Credit Card-Bankcard        74407DAE5    Ambac Assurance Corp.    AAA            Negative        AAA          Not Meaningful
Master Trust            certificates series 2001-D




                                                                                                                           Page 22 of 23
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