Corporates are encountering difficulties that are comparable in severity to those encountered during the financial crisis of 2008–2009 as the economic outlook in Europe and the US continues to worsen. Commercial banks and other lending institutions will be vulnerable to significant credit losses if they do not accurately analyze their credit risk exposures and update their forecasting models. This training assists a variety of credit professionals in overcoming the analytical, structure, and forecasting difficulties they now encounter. In order to evaluate, limit, and balance credit risks, we analyze complex accounts, group structures, and scenarios using increasingly sophisticated analytical and structuring tools. We evaluate the relationships between parent and subsidiary credit as well as how to apply notching to layered capital structures.
We also look at debt structuring, including different forms of hybrid capital, ESG-related issuance, and supplier finance, as well as how to assist a borrower in creating an ideal capital structure. In our final section, we go through how to analyze troubled and deteriorating credits, how to recognize early indicators of a credit profile that is deteriorating, and how to reorganize companies that are still viable.
At the end of this course, participants will be able to:
Know how firms may manipulate GAAP and non-GAAP figures
Recommended adjustments to financial statements
Know Complex group structures
Understand the credit impact of different consolidation methods
Understand the credit impact of legal and structural subordination and security
Understand how different types of hybrid securities are rated and how they can impact credit quality
Market-side credit analysts
Credit counterparty risk specialists
fund managers for fixed income
Credit analysts in asset management working for the buy-side
Managers of the sell side of the debt capital markets
Investing bankers
Investors in fixed income and credit
those who sell credit or fixed income
Directors of private equity
Treasurers
Securities analysts and strategists
Internal auditing personnel and compliance officials
trades and sells of equity
Business finance attorneys
How do income statement entries affect the credit analysis and what adjustments should we make?
Revenues and costs
Segmental analysis
IFRS reported numbers versus management adjustments
Adjusted EBITDA versus underlying EBITDA; EBITDA add-backs
Key adjustments to reported numbers
Can losses be hidden in off-balance sheet vehicles?
Understanding lease expense post IFRS 16
Taxation – effective, statutory and marginal rates
Items in the statement of other comprehensive income
How do balance sheet entries affect the credit analysis and what adjustments should we make?
Non-current tangible assets
Intangible assets
Shareholdings in equity accounted entities
Deferred tax assets
Current assets
Discontinued items
Current liabilities
Seasonality of Net Working Capital and Manipulating NWC
Current and non-current provisions
Deferred revenues - effect of unwinds on liquidity
Retained earnings from taxes
Post-IFRS 16 analysis of lease obligations
Dealing with leases that are still off-balance sheet under IFRS 16
Differences between a lease and a service agreement
Unfunded liabilities for retirees
Subsidiaries' and non-consolidated enterprises' non-recourse debt
The management of "other creditors"
How do cash ow statement entries affect the credit analysis and what adjustments should we make?
Are operating earnings turning into operating cash flow?
What is the impact on cash ow of NWC changes, provisions, equit accounted entities and other non-cash items?
Is the firm under or over-investing in maintenance and expansionary capex?
Are investment forecasts consistent with growth forecasts?
How are leases dealt with in the cash ow statement, post IFRS 16?
Can the firm cover debt service, tax and investment spending?
How are dividends funded? Are they sustainable?
What is the scope for dividend increases and share buybacks?
Is the firm reliant on external funding?
Complex group structures and parent and subsidiary rating linkage
Defining complex group structures
The credit and rating impacts of partial ownership, a high level of NCI and
off balance sheet entities
Proportional debt, earnings and cash ow of entities that are not whollyowned
Who owns/controls the debt, assets, earnings, cash flows?
The impacts of different consolidation methods and how to make
adjustments
The credit and rating impacts of different types of subordination
The credit and rating impacts of security packages
Credit assessment of groups, the importance of ownership, analysing a
group
Non-recourse projects e.g. associates and joint-ventures
Social media marketing is one of the most important digital marketing channels. Social media marketing uses social media platforms to create awareness about the product. Digital Marketing uses online and offline channels to promote products to the customer.
We all operate in an increasingly complex commercial and professional environment that requires us to negotiate on a daily basis not only with customers, clients, suppliers and contractors but also with managers, fellow employees, and colleagues within our own organization.
The key to any successful operation lies in the effective management of risks; the ability to seize opportunities, minimize threats, and optimize results. However, risk management is too often treated as a reactive process, or worse, not done at all. In this Operations Risk Management and Mitigation training course, you’ll work through the proactive approach to both sides of risk: threats and opportunities. The approach applies a proven six-step methodology of risk planning through identification, analysis, and control.
Maintaining a high level of productivity in today's successful businesses takes work and continuous learning in a variety of management skills and techniques. To be successful in daily work tasks, knowledge, and skills in management techniques must be learned, practiced, and implemented. People in all types of organizations find themselves needing to find more productive methods of planning work and tasks, setting appropriate goals, using good interpersonal skills, and using effective means of making decisions. A focus on using productive practices allows for effective and efficient management of work and making changes in the organization.
The ASME Plant Inspector Level 1 training course provides the fundamental principles of the inspection, assessment, and management of fixed pressure equipment. The content of the course is delivered in a systematic manner, from the inspection planning process to inspection practices and evaluation of the associated equipment. It is aimed at the upstream and downstream Petrochemical industry but is equally relevant to stakeholders from other sectors that utilize pressure equipment.
This intensive course covers the in-service inspection methodologies and requirements for piping, pressure vessels, and above ground storage tanks.