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Further Education Funding Council : circular 00/02 : finance

Publisher
Learning and Skills Council
Publication Date
Disciplines
  • Education

Abstract

Circular 01/02 - Further Education Sector: Credit Analysis For information Finance Further Education Sector: Credit Analysis Circular 01/02 Summary The purpose of this circular is to provide details of the results of a credit analysis of the further education sector undertaken by Standard & Poor’s in relation to the establishment of Education Capital Finance plc, a financial intermediary which has been established to provide loan finance to sector colleges on the basis of aggregating the loan requirements of a number of colleges. The credit analysis is based on a review of general sector documentation, and gives a broad indication only of the likely credit quality of the further education sector. It does not constitute a credit rating of the sector or of any particular institution. The credit analysis indicates that, based on the information provided, most FE ratings are likely to cluster around the low investment grade (BBB-/BBB). Contents paragraph Introduction 1 Background 2 Credit Analysis Report 5 Annex Further information Tony Holloway Finance Team Tel 024 7686 3093 Fax 024 7686 3156 E-mail [email protected] or write to: The Further Education Funding Council Cheylesmore House Quinton Road Coventry CV1 2WT. Website www.fefc.ac.uk THE FURTHER EDUCATION FUNDING COUNCIL Further Education Sector: Credit Analysis Introduction 1 The purpose of this circular is to provide details of the results of a credit analysis of the further education sector undertaken by Standard & Poor’s in relation to the establishment of Education Capital Finance plc. Background 2 In 1999 the Council set up a small working group consisting of principals and a representative of the Association of Colleges to assess the feasibility of establishing a funding vehicle for further education colleges. A steering group was convened to take forward the necessary work, advised by The Housing Finance Corporation Limited. 3

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