S&P rates UANL mxA

Standard & Poor's said it assigned an mxA national scale rating and stable outlook to the Universidad Autónoma de Nuevo León (UANL).

UANL is a public university in the Mexican city of San Nicolás de los Garza (mxA+/stable) in the state of Nuevo León (mxA-/stable). The university's presence in the prosperous metropolitan area of Monterrey (mxA+/stable) has contributed to its well being over the years, the agency said.

Additionally, the State of Nuevo León centers most of its economic activity in the city of Monterrey and its metropolitan area, so the UANL benefits, occasionally, from contributions made by the state's successful business people.

UANL's financial performance has been adequate over the past five years. The university had an operating surplus of 15.4% of operating revenue in 2004, and S&P said it expects a similar performance for 2005.

Debt levels are manageable, and the university currently has Ps. 350 million of outstanding debt. UANL refinanced this debt for a five-year term in December 2005. After the refinancing, debt service is expected to represent Ps. 95 million in 2006, or 3% of operating revenue budgeted in 2005, the agency said.

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