Credit Analysis Fundamentals and Issues

AMT Training
Course summary
1 day
650 GBP excl. VAT
London, Online courses
Next available date: Online delivery option may be available - Please contact provider - Online courses
Professional Training

Course description

Credit Analysis Fundamentals and Issues

This course is split into two main focus areas:

Credit Analysis Fundamentals

Delegates gain an understanding of the credit rating process by examining the assessment of both operational and financial risks of the business. By the end of the session, delegates derive a rating for a case company.

Credit Analysis Issues

This program analyses the financials from the credit perspective, making technical adjustments to the main numbers. Delegates analyse a variety of case companies by looking at the ratios and metrics used in the credit world. In addition, the session covers debt structuring issues.

Content includes:

  • What is credit analysis?
  • Ratings scales
  • Default and recovery rates
    - Issuer and issue ratings
  • Purpose of credit analysis
  • Nature of credit risk
    - Asymmetric nature of credit risk
    - Difference between up/downside of equity and credit
  • Credit Analysis - analytical approach
    - Key principles: cash based, forward looking, peer group
    - Evaluation of business and financial risks
    - How to weight different risks
  • Business risks
    - Key drivers of business risk and their identification
    - Macro, industry and company specific evaluation
  • Financial risk
    - Key components of financial analysis
    - Cash flow analysis from a credit point of view
    - Various cash flow concepts of rating agencies
    - Credit ratios: most common ratios and their application
    - Credit ratios according to the ratings category
    - Financial policy analysis
  • Rating agencies: overview
  • Complex items from the standpoint of credit analysis
    - Pension obligations
    - Operating leases
    - Securitisations
    - Off balance sheet obligations
    - Hybrid securities: equity or debt?
    - Credit approach to adjustments to financial statements
    - Impact on credit quality
    - Rating agency view
  • Structural issues in credit analysis
    - The importance of structures and assessment frameworks
    - Notching up/down of debt
    - Contractual subordination
    - Structural subordination
    - Parent/subsidiary link
    - Rating agency methodology
    - Typical HY structures
  • Documentation-covenants
    - Concept of covenants
    - Type and benefit of covenants

Suitability - Who should attend?

This training course is part of Capital Markets and is suitable for those who work in or are:

  • investment banking professionals
  • analysts
  • relationship managers
  • accountants
  • M&A
  • investment management
  • wealth and asset management
  • private banking
  • portfolio managers
  • research analyst
  • insurance professionals

Delegates can also take the Capital Markets Fundamentals and Debt Capital Markets module in conjunction with this course.


The cost of Credit Analysis Fundamentals  and Issues course is £650 + VAT per delegate.

It is important that you bring a laptop (preferably Windows based) with Microsoft Excel, Word and PowerPoint, and Adobe Reader installed.

AMT Training offer this training as an in-house option, or we can create a bespoke course tailored to your company. Please contact AMT to find out more.

About provider

AMT Training - Financial Modeling Courses

For over 20 years we have been equipping analysts and associates with core skills for banking and finance. Our clients include the top ten investment banks and some of the biggest private equity firms in the world. Throughout their careers,...

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AMT Training

5th floor Whitechapel Building 10 Whitechapel High Street
E1 8QS London

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