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Introduction to Public Finance provides you with an understanding of the U.S. public finance market, as well as the tools used to analyze key public finance sectors and the credit risks they present.
The course begins with an exploration of the history of the U.S. public finance market and the ways in which it differs from the corporate finance market. The remainder of Day 1 is focused on credit analysis associated with general obligation borrowers, the types of securities most commonly used by public sector entities, and the key factors analysts consider when assessing the risk in financing local governments and school districts. Day 2 is focused on sectors that issue revenue bonds, including transportation authorities, water, sewer, and public utilities, and higher education, healthcare, and other not-for-profit organizations.
Throughout this two-day course, Moody’s Investors Services’ rating methodologies and sector outlooks are incorporated alongside short presentations, exercises, and case studies to enrich the learning experience. This course also serves as a foundational course to Moody’s Analytics’ Financial Analysis of Local Governments.
- Analyze financial and debt statements of public finance credits
- Discern between corporate and public finance credit risk
- Describe the framework that underpins the U.S. public finance market
- Identify the most common public finance securities and their relative strengths
- Perform basic credit analyses using financial statements and other available information
- Assess the key credit features of tax-exempt borrowers
- Recognize the signs that a public finance credit is in distress
- Understand Moody’s Investors Service rating methodologies for various public finance sectors
- Investment and commercial bankers
- Credit and equity analysts
- Regulators and central bankers
- Fixed income professionals
- Buy- and sell-side bond researchers
- Corporate treasurers
- Correspondent banking officers
- Relationship managers involved in exposures to, or with investments in, banks
Professionals who need a solid foundation for assessing the financial risk of local government investments, including: