TEXT-Fitch: Sciences Po ratings unaffected by new administrator appointment

Fri Nov 23, 2012 11:51am EST

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Nov 23 - Fitch Ratings says that the nomination of a provisional
administrator by the State does not have an immediate impact on Sciences Po's
(FNSP) Long-term foreign currency rating at 'A+' with a Positive Outlook.

Fitch considers that the governance related event does not have an impact on
FNSP's national and international recognition which allows a high student demand
and which is a key rating factor.

FNSP's rating was affirmed on 14 September 2012. It reflects its national and
international academic excellence and its unique position in the French higher
education system. FNSP's economic model is based on a diversification of revenue
in the medium term. Even if FNSP benefits from financial autonomy, it relies on
strong state financial support. Despite that, in the medium term, its aim is to
increase the share of its own resources (45% of total revenue in 2011) to at
least 50% of total revenue through increasing endowment funds and donations.

Fitch will pay particular attention to the level of support from the central
government notably through the renewal of a four year agreement in 2013, and the
ability of FNSP to maintain its creditworthiness.

Additional information is available at www.fitchratings.com.
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