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Standard & Poor's Fundamentals of Corporate Credit Analysis
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From the Back Cover
An up-to-date, accurate framework for credit analysis and decision making, from the experts at Standard & Poor's"In a world of increasing financial complexity and shorter time frames in which to assess the wealth or dearth of information, this book provides an invaluable and easily accessible guide of critical building blocks of credit analysis to all credit professionals." --Apea Koranteng, Global Head, Structured Capital Markets, ABN AMRO"The authors do a fine job of combining latest credit risk management theory and techniques with real-life examples and practical application. Whether a seasoned credit expert or a new student of credit, this is a must read book . . . a critical part of anyone's risk management library."--Mark T. Williams, Boston University, Finance and Economics Department"At a time when credit risk is managed in a way more and more akin to market risk, Fundamentals of Corporate Credit Analysis provides well-needed support, not only for credit analysts but also for practitioners, portfolio managers, CDO originators, and others who need to keep track of the creditworthiness of their fixed-income investments."--Alain Canac, Chief Risk Officer, CDC IXIS Fundamentals of Corporate Credit Analysis provides professionals with the knowledge they need to systematically determine the operating and financial strength of a specific borrower, understand credit risks inherent in a wide range of corporate debt instruments, and then rank the default risk of that borrower. Focusing on fundamental credit risk, cash flow modeling, debt structure analysis, and other important issues, and including separate chapters on country risks, industry risks, business risks, financial risks, and management, it guides the reader through every step of traditional fundamental credit analysis. In a dynamic corporate environment, credit analysts cannot rely solely on financial statistical analysis, credit prediction models, or bond and stock price movements. Instead, a corporate credit analysis must supply loan providers and investors with more information and detail than ever before. On top of its traditional objective of assessing a firm's capacity and willingness to pay its financial obligations in a timely manner, a worthy credit analysis is now expected to assess recovery prospects of specific financial obligations should a firm become insolvent. Fundamentals of Corporate Credit Analysis provides practitioners with the knowledge and tools they need to address these changing requirements. Drawing on the unmatched global resources and capabilities of Standard & Poor's, this valuable book organizes its guidelines into three distinct components:Part I: Corporate Credit Risk helps analysts identify all the essential risks related to a particular firm, and measure the firm through both a financial forecast and benchmarking with peers Part II: Credit Risk of Debt Instruments explains the impact of debt instruments and debt structures on a firm's recovery prospects should it become insolvent Part III: Measuring Credit Risk presents a scoring system to assess the capacity and willingness of a firm to repay its debt in a timely fashion and to evaluate recovery prospects in the event of financial distress In addition, a fourth component--Cases in Credit Analysis--examines seven real-life studies to provide examples of the book's theory and procedures in practice. Senior Standard & Poor's analysts explore diverse cases ranging from North and South America to Europe and the Pacific Rim, on topics covering mergers (AT&T-Comcast, MGM-Mirage, Kellogg-Keebler), foreign ownership in a merger (Air New Zealand-Ansett-Singapore Airlines), sovereign issues (Repsol-YPF), peer comparisons (U.S. forestry), and recovery analysis (Yell LBO). Industry "Keys to Success" are identified and analyzed in each case, along with
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About the Author
Blaise Ganguin is a managing director in Standard & Poor's Corporate & Government Ratings. Ganguin supervises teams of corporate credit analysts in Europe. John Bilardello is a managing director in Standard & Poor's Corporate & Government Ratings. Bilardello manages S&P's global corporate ratings business. Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. An essential part of the world's financial infrastructure, Standard & Poor's has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.
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Product details
Series: Standard & Poor's
Hardcover: 464 pages
Publisher: McGraw-Hill Education; 1 edition (December 30, 2004)
Language: English
ISBN-10: 0071441638
ISBN-13: 978-0071441636
Product Dimensions:
6.5 x 1.3 x 9.3 inches
Shipping Weight: 1.7 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
10 customer reviews
Amazon Best Sellers Rank:
#410,336 in Books (See Top 100 in Books)
I had the pleasure of working with one of the authors 15 years ago. But don't let that sway you. I truly appreciate the scope and effort put into this book. We will use it as an outline for how our analysts should approach analyzing a credit. Chapter 3 alone is worth the price of admission as the authors list the elusive "qualitative" factors that go into a credit rating, beyond what the ratios tell you it should be. While the book barely scratches the surface of certain analytical methods (the Merton Model got 1/2 a page), and it is written more for the layman or student, I still learned many things. And I've been in the business 20+ years. The prior reviewer, and many others will say they wished they wrote this book. I will too. I even briefly started my own version recently. But I first turned to S&P's ratings criteria as an outline. As such, the right people wrote this book. The authors fully used the vast resources and data mining of S&P. This certainly feels like a team effort. The telecom analyst wrote a piece on the rapid decline of telecom credits in 2000-2002, and other professionals added real life examples. The book organizes itself in the top down approach to analysis. It starts with sovereign risk, then moves to industry, then company business/competitive risk. It then highlights the ratios to look for, and also gives data on seniority and recovery values for specific levels of debt. It then uses these tools to analyze a fictional company. It ends with case studies that cover M&A, sovereign risk and other topical reviews that act as a real life summary to what you just learned. Highly recommended. Well done.
This book is long overdue. It typically takes a credit or corporate banking professional several years and several levels (analyst, senior analyst, associate/assistant vice president, and finally, vice president) to piece together the knowledge and analytical skills presented within this wonderful book. The book offers a comprehensive foundation in business, financial, and strategic analysis (among several other related topics) in a very easily digested and understood manner. I guess my only complaint is that I didn't have the opportunity to write it myself!! I would advise every credit or relationship management team leader to purchase this book for their entire team -- particularly for their analysts and associates (although... on second thought, perhaps everyone on the team should have a copy in their desk drawer.) Bottom line: Highly-recommended. AAA+++
If you need a basic guide to credit analysis this book is great. Understand that it is a practioner's guide moreso than an academic textbook which means it's shorter and less detailed. I would recommend supplementing it with an actual textbook on financial statement analysis and financial risk management if you do not have a financial background. Overall though it's worth the price.
I had read other reviews saying that this book is quite topical, and I have to say they were right. I work for a community bank analyzing small businesses, there was almost nothing in here that was of use to me. I realize that this is SP and that the type of analysis they do involves large corporations, but it was still too generic and too specific in all the wrong places. I would have really appreciated a chapter on how to analyze distressed borrowers, but there was nothing in here on this subject beyond the obvious.
Nice product.
If you ever wondered how credit ratings are set, here's the answer. The authors are managing directors at Standard & Poor's and John Bilardello manages the corporate ratings division, few know more about how credit ratings are set. In all effects this is a book on how S&P performs credit analyses, outlining both the methodology and thought process. It was published just a few years prior to the financial crisis when the credit rating agencies were at the zenith of their influence.The book is organized into three parts where the first covers an analysis of the company. The process looks to country risks, sector risks and company specific risks. The financial position and future cash flows are analysed, all to enable forming an opinion on the probability of whether the company will pay interest and principal in time. For me the fact that the process starts with the country risk, and the potential cap this imposes on the credit, rating feels a bit backward but perhaps it's just a matter of ticking all the boxes and the order is less important. There is a useful and comprehensive check list used to evaluate the level of governance-, management- and accounting risk. It's interesting to see that just 8 years ago the rock solid, self-evident opinion was that developed markets are stable and credit worthy while emerging markets are volatile, dependent on capital flows and doubtful credits. For someone with equity background it's also a bit amusing, although fully logical, that instead of using a bear case, normal case and a bull case in the scenario analysis the credit analyst uses a normal case, a bear case and a default case...The second part of the book covers the more technical and esoteric area of various debt instruments, different types of terms and conditions, debt structures etc. and the subsequent effects on the recovery prospect should a firm become insolvent. This area is clearly a heavy duty task to take on for the analyst. I get the same feeling reading about indenture contracts, covenants etc. as when I wrote IPO prospectuses once upon a time. It's a world for the initiated.In the last part of the book - not counting the many and extensive examples of credit analyses in the appendix - the components of a simplified credit rating system are presented. In the end the credit rating should mirror the risk for losses for creditors. To make an informed judgement about this risk you need to form an opinion on the probability of default by analysing business risks, financial risks and liquidity risks plus also an opinion on the probable recovery rate should the worst come true. In some aspects this analysis is down to experience and feeling but in others it's more about process and statistics. How the various factors were summarized and weighted was in my opinion the most giving part of the text.A few complementary statistical and market price driven methods for estimating credit quality such as Altman's Z-score, the Merton model etc. are briefly presented. The authors however clearly take a stand for a fundamentally driven analysis as opposed to using market prices of for example CDS contracts, for credit control. In this they were probably slightly behind the curve with regards to current trends in 2005, but they are also the more credible today post the 2008 financial crisis and after the backlash for the use of market prices for risk control.This is a very useful and comprehensive text that I definitely would want to have on my desk as a credit analyst. Is it fun to read? No, not really. It's too much a collection of check lists that the authors then elaborate on and you never really feel any market nerve in the text. As the credit analyst seams to put 99,9 percent of the effort into answering "Will it be repaid?", I can't - after reading this book - help but wonder if there could be excess returns in devoting at least 10 percent of the analysis to the question "Will this bond be upgraded in 1,5 years' time?".This is a review by investingbythebooks.com
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