Corporate Credit Risk JudgmentThe Corporate Credit Risk Judgment Seminar is a four day course on corporate credit risk assessment and application. The course develops a framework and methodology for evaluating credit risk using current annual reports and industry information, rather than artificial cases. This framework and methodology leads to participant evaluation of credit ratings that are expressed in terms of a percent likelihood of default (company or issuer ratings) and adjusted default ratings that adjust for a percent likelihood of loss given default (facility or issue ratings). The default rating methodology includes risk rating assessment of business risk (industry risk, competitive position, management), as well as financial risk (financial policy, profitability, leverage, cash flow and financial flexibility) and techniques for integrating these factors to come up with an overall default rating. The loss rating methodology includes methods for evaluating recovery based on enterprise and liquidation values, as well as on adjustments for collateral, covenants and structural and contractual seniority and subordination. More important, while the training includes credit risk analysis, the primary focus is on credit risk judgment. The course uses mock rating committees and group presentations as an aid to developing a working knowledge rather than just a familiarity with the subject. The course includes both investment grade and non-investment grade cases. The course includes pre-course reading material, course handout material, and post course methodologies for updating the materials covered in the course. |
| Clients who register for this course will receive a complimentary 4-month subscription to FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. The move to the electronic version follows an ongoing review of our environmental responsibilities as a global business and as part of the Pearson group. FT.com also has features that are not available in hard copy, such as: Special Reports, Alphaville, editor blogs, education sections and much more! Subscriptions will start within 6-8 weeks of the start of class and are limited to one subscription per client. (Please note: as of May 1, 2011, the electronic subscription replaces the hard-copy 3-month Financial Times subscription.) |
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