SLM DOWNGRADED TO Ba1 FROM Baa2, OUTLOOK NEGATIVE

Subordinate shelf -- to (P) Ba2 from (P) Baa3 . Preferred stock -- to Ba3 from Ba1 . Short-term debt -- to Not Prime from Prime-2 . The last rating action on SLM was on February 27, 2009 when Moody's placed the company's ratings on review for possible downgrade. ................
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