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Rating Action:

Moody's assigns Aa1 issuer rating to De Montfort University; outlook negative

15 May 2012

London, 15 May 2012 -- Moody's Investors Service has today assigned an Aa1 issuer rating to De Montfort University. The outlook on the rating is negative.

RATINGS RATIONALE

Today's rating assignment reflects De Montfort University's (DMU) good market position in Health and Life Sciences and distinction as a national leader in the Creative Arts, the various measures it is taking to maintain and improve this position and its improving financial performance. However, the rating is constrained by DMU's planned increase in long-term debt and the relatively short track record of its improved governance.

The rating also incorporates Moody's assessment of a strong regulatory framework for English universities and of a very high likelihood of extraordinary support from the UK government (Aaa, negative) in the unlikely event of DMU experiencing acute liquidity stress.

Moody's notes that DMU has been successful in increasing enrolment from UK/EU students and international students, both in undergraduate as well as postgraduate courses. The university has established various partnerships with business, international universities and the community which should support further growth in student numbers.

The planned increase in debt which will bring its debt-to-revenue ratio to a high 70%, will enable DMU to carry out investments in its estates and educational infrastructure which is central to its longer term strategy to enhance its competitive position. This includes the completion of a new leisure centre, the transformation of a main road dividing the campus into a plaza and a joint project with Hewlett Packard which seeks to make DMU a sector leader for IT infrastructure.

DMU's financial track record is good, having generated small surpluses or balanced budgets in the past. However, it recorded a deficit of 2.3% in FY 2010 due to over-recruitment of government-limited UK/EU undergraduate students which resulted in a reduction of government grants and additional expenses. DMU has since revised internal processes and procedures for the monitoring of financial performance and student recruitment. Given the scope of these changes, implementation challenges over the short term cannot be excluded.

The negative outlook mirrors the outlook on the UK's Aaa sovereign ratings, given the strong linkages between DMU and the UK government in terms of funding, controls and intervention powers.

WHAT COULD CHANGE THE RATING -- UP / DOWN

Although not expected in the medium-term, a significant reduction against planned relative debt levels combined with sustained operating surpluses could positively impact the rating. In addition, the uncertainties of funding changes in the government's reforms of UK/EU student fees and student number controls, whilst likely manageable, make it unlikely that De Montfort's rating would improve in the near term.

Deteriorating operating performance due to missteps in cost adjustments and/or an inability to manage in the face of new dynamics in funding and student demand could negatively impact the rating. Whilst unlikely, weakening support for higher education in government policy as well as a reduction in the oversight exercised by HEFCE would hurt the sector's credit profile, including that of the University.

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Methodology for Rating Public Universities published in August 2009, and Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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Sarah Kieling
Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

David Rubinoff
MD - Sub-Sovereigns
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
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JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns Aa1 issuer rating to De Montfort University; outlook negative
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