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Certificate Programme Objectives
This certification is comprised of two courses: Advanced Corporate Credit - Warning Signals and Restructuring Problem Credits . The first part of the course identifies the early warning signals of credit deterioration, covering all aspects of a company’s situation - from product to market, to financial condition. The course will draw upon lessons learned from previous credit crises to determine sustainable levels of debt, the strengths and weaknesses of deal structures, and how best to respond to problems facing a corporate client.
The second part of the course, Restructuring Problem Credits, provides an overview of steps available to investors when a company has problems servicing its debt. The focus is on the practicalities of dealing with companies in trouble, but also emphasizes technique and methodology, which can be used in any situation.
Please note, there is no assessment at the end of this course.
Key Learning Outcomes:
- Uncover the early warning signs or red flags during the life span of the loan or bond: financial and non-financial and market indicators
- Identify companies most susceptible to credit deterioration and the factors that will impact the likelihood of default or the need for distressed exchange of debt
- Evaluate the options available to lenders or investors when signs of credit deterioration become apparent
- Determine the strengths and weaknesses of an existing loan structure to improve loan structures going forward
- Set the minimum level of transparency acceptable to make a responsible credit decision
- The credit review process highlights the importance of the viability of the product or service offered by the troubled company – is the product or service viable?
- Assess the role of covenants, and whether to waive, amend, extend, when a covenant is triggered
- Compare different recovery methods from selling the investment, to accepting a restructure to liquidating the company’s assets
- When should the investor accept new debt instruments or equity, and might there be terms and conditions attached to the restructuring
- Have an overview of the players in a restructuring, including vulture/distressed asset investors
- What could make the restructuring successful, and what can make it fail?
Who Should Attend
This advanced level course is suitable for two-year credit analysts through to senior credit officers, as well as those with a strong familiarity of financial statements. It could also be useful for those in banking and finance who have a strong understanding of macroeconomic drivers.