Knowledge | Skills | Conduct

Corporate Credit Analysis Courses

“Extremely valuable and interesting. I can already see ways to improve my current processes.” Gareth Shearer, Credit Union Central Alberta Ltd Bangkok | Casablanca | Chicago | Doha | Dubai | Frankfurt | Hong Kong | Jakarta | London | New York Paris | Riyadh | São Paulo | Singapore | Stockholm | Sydney | Toronto | Washington, DC

[email protected]

www.fitchlearning.com/public-courses

CORPORATE CREDIT ANALYSIS COURSES

Why choose Fitch Learning as your provider for public courses? • Instructors – You will learn from the instructors how to understand the subject matter and put the topics into context. All of our instructors are experienced professionals and will provide you with easily digestible content, using knowledge learned from many years in the industry

PUBLIC COURSES: KEY FACTS

Over

•U  p-to-date content – You will work through current, region specific case studies taken from real companies so you can apply what you are being taught as soon as you get back to the office

1,300

300 21 94% Over

global clients

courses per year

cities worldwide

• Interactive – You can practice what you learn before applying it in the workplace. All of our courses are highly interactive with no more than 16 participants. The discursive style of training helps you develop confidence in your future decisions and analysis.

suggest a colleague

to take the same course

Why register for a public course? • Practical, structured courses focused on specific professional development topics • Suitable for individuals or small groups with specific needs Amsterdam Frankfurt

Chicago San Francisco

Offices Public course locations

London Toronto New York Casablanca Washington DC

Stockholm Paris Doha Riyadh

Dubai Jakarta

Tokyo Hong Kong Bangkok Singapore

São Paulo

Sydney

Enquire about our in-house training • Courses tailored to meet your specific requirements and the experience of the participants • Bespoke content to meet your business objectives • Delivered worldwide, ideal for groups of 6+ Email [email protected] to discuss your in-house training needs.

2

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

Our Corporate Credit Analysis Courses Whether you are new to corporate credit analysis or an advanced practitioner, we provide a range of courses to match your level of experience. The following four courses are our most popular though we offer a wide variety as shown in the Learning Path below: • Introduction to Corporate Financial Statement Analysis . ................................................................ p4 •C  orporate Credit Analysis . ............................................................................................................................. p5 •W  arning Signals and Lessons Learned in Corporate Credit . ............................................................ p6 •C  apital Structures and Debt Products ...................................................................................................... p7

Corporate Credit Analysis Learning Path To help you find the course which is most suitable for your level of experience, this learning path shows our recommended training journey from someone new to corporate financial statements to an advanced practitioner. Introduction to Corporate Financial Statement Analysis

Corporate Credit Analysis Risk Analysis for Fixed Income Investors

or

Advanced Corporate Credit (US)

or

Emerging Market Corporate Credit

SME Corporate Credit Analysis

Warning Signals and Lessons Learned in Corporate Credit or

Key: Introductory Intermediate Advanced

or

Credit Risk of Commodity Companies

Corporate Credit Analysis for US MidCaps (US)

Capital Structures and Debt Products or

Deteriorating Credits (US)

Corporate Finance and Funding Strategies or

Debt Capital Markets for US MidCaps Distressed Valuation

Restructuring Problem Credits

or

Funding Instruments

Who Should Attend? Our courses are designed for fixed income, credit and risk professionals of all levels of experience – from new entrants to advanced practitioners. They are specifically attended by corporate bankers, analysts, corporate risk underwriters, risk managers and portfolio managers, as well as individuals working in areas such as relationship management and debt origination.

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

3

CORPORATE CREDIT ANALYSIS COURSES

Introduction to Corporate Financial Statement Analysis If you are new to corporate credit analysis, this two-day workshop will provide you with a clear understanding of how a company’s business activities are reflected in its financial statements. The course explains how financial measures of corporate performance are calculated and used to assess the creditworthiness of a business. KEY LEARNING OUTCOMES • How a company’s business and financing activities are reflected in its financial statements • The components of financial statements – balance sheet, profit and loss and cash flow • The distinction between cash flow and profits • How to measure operating, investing and financial performance using appropriate ratios and cash flow tools • How to review and interpret the key impacts of ‘Notes to the Accounts’ and describe the key accounting rules (IFRS) and their significance.

“Very good content, instructor, location and venue. Overall very satisfied with the training.” Victor Carstenius, Swedish Export Credits Guarantee Board - EKN

COURSE CONTENT Overview Provides an introduction to financial statements and commonly used terminology. Types and Presentation of Financial Statements Discusses the key components of financial statements and highlights some of the variances of financial disclosure. Business and Operating Appraisal Explores how the presentation of financial statements is driven by the characteristics of the business. Liability and Capital Structure Explains how and why different companies fund their businesses. Ratio Analysis Focuses on measure of performance using financial ratio analyses and their limitations.

4

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

Corporate Credit Analysis This four-day intermediate course offers a structured and systematic approach to evaluate the credit worthiness of a company and the relative attractiveness of the risk-return profile. KEY LEARNING OUTCOMES • Apply a structured approach to assess the creditworthiness of a borrower • Evaluate a company’s performance based on qualitative and quantitative frameworks and tools • Use appropriate market indicators to understand refinancing risk and the market view on a credit • Identify the key factors that drive a company’s future performance and evaluate the likely impact on its credit standing • Employ a cash flow approach to ascertain a company’s ability to service/refinance its debt • Review debt structures to assess to what extent they meet the commercial needs of the borrower and protect the lender’s interests.

“Excellent course, very well structured. Very knowledgeable instructor, great experience.” Kateryna Plinska, HSBC

COURSE CONTENT Analytic Overview Introduces and reinforces a structured approach to the analysis of a transaction. Market Indicators of Credit Risk Explores how various market outlooks and indicators can be used as warning signals of credit migration or increased refinancing risk. Risks to Repayment Identifies the macroeconomic and sector drivers which influence company specific cash flow profiles. Management and Shareholders Reviews the strengths and weaknesses of management and the influence of company ownership. Business Risk Assesses a company’s business strategy in order to understand its asset investment needs and commercial viability and their effect on the quality and stability of cash flows. Financial Risk Evaluates the appropriateness of a company’s funding structure given the operating environment, management, shareholder goals, overall business risk, debt service ability and refinance risk. Structure Reviews the appropriateness of existing or new debt instruments. If you have a specific focus we run specialized corporate credit courses in emerging markets, midcaps and commodity and SME companies.

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

5

CORPORATE CREDIT ANALYSIS COURSES

Warning Signals and Lessons Learned in Corporate Credit This two-day advanced workshop provides a systematic approach to identifying credit deterioration and determining a company’s ability to improve performance or repair capital structure. The course draws upon lessons learned from the credit crisis to determine a sustainable level of indebtedness, the robustness of bank structures, and what actions can be taken to limit loss to the bank. KEY LEARNING OUTCOMES • Identify companies most susceptible to credit deterioration and the factors that will impact the likelihood of default or the need for distressed exchange of debt • Review a company’s funding structure in context of its sector and operating performance to determine whether the existing structure will effectively mitigate credit deterioration or the extent to which it has the potential to reduce lenders’ recovery rates • Appreciate the importance of safeguards to enable early intervention in deteriorating credits and the correlation between early intervention and ultimate recovery rates in distressed credits.

“The course was excellent. Exactly what I hoped it would have been. The instructor’s practical experience was spot on” Brandon Zureick, Johnson Investment Counsel

COURSE CONTENT Analytic Overview Recognizes early warning signals by applying a structured approach to evaluate credit risk. Themes of Distress Identifies the themes of distress and explores the action taken by companies and/or lenders through discussion and many real life examples of actual or potential distress. The focus lies on concluding upon lessons learned in order to avoid future problems. Crossing the Threshold: Triggers for Action Focuses on the most common events that trigger corporate distress, including cash shortfalls, liquidityproblems and covenant breaches, as well as the need to take action.

6

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

Capital Structures and Debt Products This two-day workshop focuses on the use of forecasts to evaluate and structure complex funding solutions, incorporating tools to identify appropriate debt levels and setting meaningful terms and conditions across a range of funding instruments. The course will help you to quantify acceptable debt levels in the current economic climate. KEY LEARNING OUTCOMES • Model a company’s future debt servicing ability based on cash-flow forecasts and sensitivities which are realistic, consistent and supportable in the current economic climate • Quantify sustainable debt levels in context of business strategy, market conditions and potential corporate actions • Understand the relative advantages and disadvantages of various debt instruments and the factors influencing their choice • Structure funding solutions using bank and debt/equity capital market products to meet the commercial and financial needs of the company whilst protecting the bank’s position.

“Very interesting course. It provided a useful insight into deal structure within corporate finance and how to implement.” Andres Dhir, Mizuho Bank Ltd

COURSE CONTENT Analytic Overview Establishes a structured approach to the analysis of a transaction in which you evaluate the business needs and focus the credit analysis (payback, risks and structure). Business and Financial Drivers Uses a cash-flow forecasting model to forecast key sector and company specific business drivers and sensitize critical variables to create alternative scenarios. Approach to Structuring Funding Solutions Explores the factors which influence management’s decisions on how best to manage their company’s capital structure and discusses the key features of debt and equity products being used in the current climate. Corporate Applications Uses forecasts to recommend an appropriate funding structure, identify the embedded risks, and explain to what extent such risks are acceptable to the bank. Leveraged or Sponsored Buyout Discusses the rationale behind a leveraged buyout.

For course dates, registrations and prices, visit www.fitchlearning.com/public-courses

7

About Fitch Learning Fitch Learning is a global leader in financial education, with over 25 years’ experience delivering specialized, technical training to the financial community. With centers in London, New York, Singapore, Dubai and Hong Kong; we are committed to questioning and understanding client needs across the globe and on the ground locally. Our people advise and build learning solutions to accelerate the achievements of the individual, and the company across the entire employee lifecycle.

We focus our training on four key areas: Professional Qualifications Regulatory exam training including CFA® and CQF Tailored Learning Bespoke programs customized to meet your business needs Learning Solutions Innovative program delivery and management including online learning and interactive portals Public Courses Continuing professional development courses delivered worldwide between 1-4 days focusing on practical skills required to succeed in the industry

REGISTRATIONS www.fitchlearning.com/public-courses

CONTACT US London: +44 (0) 20 7496 8401 New York: +1 800 974 0394 Singapore: +65 6327 1581 Dubai: +971 800 72489 [email protected] For group or company discounts contact: Guy McCulloch +44 (0) 20 7496 3323 [email protected] For in-house course enquiries contact: +44 (0) 20 7496 8401 [email protected]