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This two-day course provides in-depth information on the rating practices employed by Moody's Investors Service for assessing high-yield credit risk.
This course provides delegates with an in-depth understanding of the publicly available methodologies used by our sister company, Moody's Investors Service, in the assessment of high-yield credit risk, including financial statement adjustments and covenant quality assessments. Designed as a fast-paced, advanced-level course, it is ideal for finance professionals who already work in or with high-yield securities and could benefit from a deeper understanding.
- Describe the credit rating process of Moody's Investors Service for high-yield issuers.
- Understand and use the Moody's Investors Service public methodology for adjustments to financial statements.
- Calculate and interpret key financial ratios used in the Moody's Investors Service credit rating process.
- Understand subordination and the Moody's Investors Service loss given default (LGD) notching process.
- Identify the essentials of high-yield covenants.
- Understand the concepts behind alternative measures of risk, such as Moody's Analytics market-implied signals, and their use in credit analysis.
- Credit analysts
- Ratings advisors
- Investment and commercial bankers
- Fixed income professionals (both buy and sell sides)
- Portfolio/asset/fund managers
- Equity analysts
- Mergers and acquisitions (M&A) professionals
- Banking supervisors
- Credit risk professionals
- Basel project managers