Corporate Credit Analysis: A Cash-Flow Perspective Workshop

FitchTraining
London, United Kingdom

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced
Fee: US$3,495

Course Description:

'' Course Objectives
Participants are encouraged to become more time efficient, focused and concise in articulating credit judgement.

Specifically participants will be equipped to:
Understand and evaluate a company’s performance and capital structure using both qualitative and quantitative frameworks and tools
Understand how to use financial information effectively including footnotes, ratios and financial spreadsheets
Determine how to apply the analytic techniques across different industries
Determine the key factors that drive a company’s future performance and the implications on its credit standing
Understand how credit ratings influence credit pricing and a company’s access to capital.

This workshop makes extensive use of case studies, live examples and exercises to ensure that the training is highly interactive, practical, topical and challenging. Case studies are drawn from a number of countries and industries and provide participants with the opportunity to practise the application of the analytic frameworks and tools in context.

Target Audience
For fixed income professionals, lending bankers, and other finance professionals working in credit risk management and credit products areas, including relationship management and debt origination.

Participants should have a firm grasp of accounting and be familiar with basic credit concepts before attending this programme.

The majority of Fitch Training programmes are offered at an intermediate and advanced level. There are no specific prerequisite courses to attend our programmes, however some topic knowledge maybe required. Please refer to the target audience to see what level of prior knowledge is required for a specific course.

Content
The analytic tools and frameworks for credit analysis are taught and demonstrated through a wide variety of live examples, case studies and exercises. The course is highly interactive, practical and challenging. Case studies and exercises are drawn from a range of industries.

ANALYTIC APPROACH
Introduction to a structured approach to evaluate corporate borrowers - purpose, payback, risks to repayment and structure
Understanding credit ratings, criteria adopted and analytic approaches applied
Understanding the market’s perspective of risk & return
QUALITATIVE FRAMEWORKS
Industry dynamics - understanding the industry structure, key drivers and critical success factors
Determining appropriate measures and industry benchmarks
Using the business cycle model to understand and assess a company’s operations
Understanding a company’s competitive position - assessing the strategic direction of the firm, the sustainability of competitive advantages and the implications
Understanding the decision makers - frameworks for analysing management and shareholders
QUANTITATIVE FRAMEWORKS
Evaluating operating performance - identifying the key ratios and financial measures (turnover, net working capital, EBITDA and cash-flow measures)
Evaluating the capital structure - identifying the key ratios and financial measures (debt/EBITDA, coverage ratios, ability to meet discretionary and non-discretionary payments, risk profiles of funding instruments and access to financial resources)
Identifying and quantifying off balance sheet obligations
Comparing capital structures and their impact on ratings and spreads
The appropriate use of peer analysis and industry benchmarks to assess creditworthiness
Using cash-flow forecasts to quantify debt capacity and refinancing risk
STRUCTURE
Purpose/payback framework for structuring funding proposals
Key terms and conditions to protect the lender’s interests.
...''

Elements of this syllabus are subject to change.

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place

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

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