2008 CDRs Released For Business & Learning Services

American Public Education, Inc. APEI had F2008 cohort default rates (CDRs) on September 13th reported that were fractionally higher due to continued difficulties in the broader macro environment, Piper Jaffray reports. The top sector pick from Piper Jaffray is currently Grand Canyon Education, Inc. LOPE, while Capella Education Company CPLA, Bridgepointe Education, Inc. BPI, and Education Management Corporation EDMC remain interest from a value perspective. Least attractive on Piper Jaffray's risk-to-valuation scale are Corinthian Colleges, Inc. COCO and Career Education Corporation CECO. The national average CDR rose 6.7% for the 2008 period (measuring graduates between 10/07 and 9/08) which was up 5.2% from the previous year, while for profit institutions rose to 11.0% from 9.7%, as the higher CDR is consistent with the weaker job market, according to Piper Jaffray.