print
16.06.2006
uaBBB credit rating assigned to upcoming bond issue of "MAUP"
Today independent rating agency Credit-Rating announced the granting of a long-term uaBBB credit rating to the scheduled registered interest-bearing bond issue (A series) by Inter-Regional Academy of Personnel Management (in the form of CJSC) in the amount of UAH 10 million with a circulation period of 5 years. The companys main activity is training and retraining of specialists of different educational levels and scientific and educational personnel.
Factors supporting the credit rating's level:
- IRAPM (in the form of CJSC) is the largest Ukrainian higher educational establishment in the number of students (about 50 thousand) with more than 17 years of working experience in education and the largest regional network of filial branches, department and representative offices;
- High growth rates of the Issuers performance over the past 5 years: total volume of assets grew 15 times and as of 12.31.2005 amounted to UAH 208.8 million, net income by almost 7 times to UAH 27.2 million, assets profitability index is 13%, return on sales 16.2%, while the financial independence coefficient is 0.83;
- the volume of the scheduled bond issue is 5.8% of the total amount of the Issuers EBITDA in 2005.
Factor restricting the credit rating's level:
- heavy dependence of both state and non-state higher educational institutions on state regulation manifested in issuing of specialized licenses, inspections, granting of benefits and so on;
- growing competition in Ukrainian market of higher education.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
