Standard & Poor's Fundamentals of Corporate Credit Analysis

by Ganguin, Blaise; Bilardello, John

• ISBN13: 9780071441636
• ISBN10: 0071441638
• Edition: 1st
• Format: Hardcover
• Copyright: 2004-12-30
• Publisher: McGraw Hill

Summary

An authoritative, in-depth guide to all aspects of credit analysis from the experts at Standard & Poor'sCredit analysis--gauging an issuer's ability to repay interest and principal on a bond issue--plays an essential role in determining how bond issues are rated and priced.Fundamentals of Corporate Credit Analysisprovides both analysts and investors with the practical, up-to-date information they need, backed by Standard & Poor's research, data, and experience, to properly assess the credit risk of virtually any entity.Whether used as a handy all-in-one guide or as a comprehensive training tool, it will give anyone the knowledge and tools needed to dig beneath standard ratings and determine an organization's true creditworthiness.

Author Biography

Blaise Ganguin is director of corporate and government financial services for Standard & Poor's.

John Bilardello is managing director of financial services for Standard & Poor's. S Blaise Ganguin and John Bilardello

Table of Contents

Foreword Ed Emmer	ix
Preface	xi
Introduction	xv
PART I CORPORATE CREDIT RISK	1	(156)
Chapter 1 Sovereign and Country Risks	3	(17)
Chapter 2 Industry Risks	20	(27)
Chapter 3 Company-Specific Business Risks	47	(17)
Chapter 4 The Management Factor	64	(16)
Chapter 5 Financial Risk Analysis	80	(28)
Chapter 6 Cash Flow Forecasting and Modeling	108	(49)
PART II CREDIT RISK OF DEBT INSTRUMENTS	157	(114)
Chapter 7 Debt Instruments and Documentation	158	(42)
Chapter 8 Insolvency Regimes and Debt Structures	200	(43)
Chapter 9 Estimating Recovery Prospects	243	(28)
PART III MEASURING CREDIT RISK	271	(38)
Chapter 10 Putting It All Together: Credit Ranking	272	(17)
Chapter 11 Measuring Credit Risk: Pricing and Credit Risk Management	289	(20)
PART IV APPENDICES A TO G: CASES IN CREDIT ANALYSIS	309	(120)
Appendix A AT&T Comcast	310	(12)
Appendix B The MGM/Mirage Merger	322	(9)
Appendix C Kellogg's Acquisition of Keebler	331	(14)
Appendix D Repsol/YPF	345	(27)
Appendix E Air New Zealand	372	(24)
Appendix F Peer Comparison: The Three Largest U.S. Forest Products Companies	396	(17)
Appendix G Yell Group Ltd. Leveraged Buyout (LBO)	413	(16)
Index	429