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18.02.2009
Credit-Rating rates MAUP at uaBBB+
Credit-Rating, a nationally recognized credit rating agency in Ukraine has today announced that it assigned a long-term counterparty credit rating of uaBBB+ (uaBBB plus) to Kiev-based MAUP (Interregional Academy of Personnel Management) CJSC (`academy`). The academy`s principal activities is training specialists of different graduate levels. In the course of analysis Credit-Rating considered academy`s financial statements and its other inside information.
An obligor or a debt liability with uaBBB credit rating is characterized with the SUFFICIENT creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions. A plus "+" and a minus "-" signs indicate intermediary categories compared to the standard categories (grades).
Factors maintaining the credit rating
- The academy is one of Ukraine`s biggest institutions of higher school by the number of students (over 34K) operating a wide-spread network of branches and representative offices.
- Modest size of academy`s debt burden: as of Sep. 30, 2009 the ratio of net debt to the EBITDA for the past 12 months was recorded at 0.81.
Factors constraining the credit rating
- High dependency of the institution upon state regulatory policy in the sector.
- The number of students in the academy has decreased by 17.7% over 9M2008.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.ua
Denis Rudenko
DRudenko@credit-rating.ua
