Finance & Leasing Companies Analysis: A Credit Perspective Workshop

FitchTraining
London, United Kingdom

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced

Course Description:

'' A one day workshop offering an insight into the credit analysis of captive and independent finance companies and specialist leasing companies. The workshop uses a structured approach and cases are tailored to the market where it is run.

Content
ANALYTIC OVERVIEW
Perspective on finance and leasing companies - rating agencies, debt and equity investors
Purpose payback model - dependence of finance companies on debt capital markets for refinance
Risks to repayment - sector and company-specific analysis
Structure - Protecting lender’s interests: warehouse and borrowing base facilities and other structural issues
OPERATING ENVIRONMENT
Key risks and competitive issues by sub-sector - sales finance, direct finance, equipment finance, credit cards and mortgages etc.
Impact of minimal regulation and supervision; legal framework of secured lending
MANAGEMENT, FRANCHISE AND OWNERSHIP
Franchise - assessing the validity of the business model, residual marketing and reliance on parent company, where relevant
Critical management issues - strategy, risk appetite, processes and systems, market knowledge etc.
Shareholders - quality of financial and business support; risks and benefits of cross subsidies
FINANCIAL FUNDAMENTALS
Statement logic; accounting policies for income, receivables, delinquencies and leases (finance versus capital leases etc.)
Business risk - use of financial tools to assess quality of lease and loan book; reserve adequacy, owned versus managed book; residual risk
Funding risk - stability and variety of wholesale funding sources, gap management, availability of contingency funding, liquidity and capital adequacy
Securitization - benefits and risk of off balance sheet funding vehicles; residual risk, mortgage servicing rights and gain on sale accounting
Performance risk - balancing risk and return; income stability and expense control
Early warning signals - lessons learned from failed finance companies
...''

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place, London, SW1X 7DH, United Kingdom.


Jobs & Resumes: London
Houses & Roommates: London
Travel Agencies: London

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