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L1 56 Fundamentals of Credit Analysis > j explain special considerations when evaluating the credit of high yield, sovereign, and municipal debt issuers and issues. > Flashcards

j explain special considerations when evaluating the credit of high yield, sovereign, and municipal debt issuers and issues. Flashcards

L1 56 Fundamentals of Credit Analysis (10 decks)

a describe credit risk and credit-related risks affecting corporate bonds;

b describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding;

c distinguish between corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of “notching”;

d explain risks in relying on ratings from credit rating agencies;

e explain the components of traditional credit analysis;

f calculate and interpret financial ratios used in credit analysis;

g evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry;

h describe factors that influence the level and volatility of yield spreads;

i calculate the return impact of spread changes;

j explain special considerations when evaluating the credit of high yield, sovereign, and municipal debt issuers and issues.

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