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Standard & Poor's Fundamentals of Corporate Credit Analysis (Standard & Poor's) Hardcover – December 30, 2004

ISBN-13: 978-0071441636 ISBN-10: 0071441638 Edition: 1st

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Product Details

  • Series: Standard & Poor's
  • Hardcover: 428 pages
  • Publisher: McGraw-Hill; 1 edition (December 30, 2004)
  • Language: English
  • ISBN-10: 0071441638
  • ISBN-13: 978-0071441636
  • Product Dimensions: 6.5 x 1.3 x 9.3 inches
  • Shipping Weight: 1.7 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #57,796 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Blaise Ganguin is a managing director in Standard & Poor's Corporate & Government Ratings. Ganguin supervises teams of corporate credit analysts in Europe.

John Bilardello is a managing director in Standard & Poor's Corporate & Government Ratings. Bilardello manages S&P's global corporate ratings business.

Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. An essential part of the world's financial infrastructure, Standard & Poor's has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

Customer Reviews

4.1 out of 5 stars
5 star
50%
4 star
13%
3 star
38%
2 star
0%
1 star
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See all 8 customer reviews
We will use it as an outline for how our analysts should approach analyzing a credit.
Ralph A. DeCesare
I realize that this is SP and that the type of analysis they do involves large corporations, but it was still too generic and too specific in all the wrong places.
jlespin
I believe it would also serve as a great refresher or reference book for someone returning to the industry or even someone with experience.
Jonathan Luptak

Most Helpful Customer Reviews

24 of 25 people found the following review helpful By Ralph A. DeCesare on February 24, 2005
Format: Hardcover Verified Purchase
I had the pleasure of working with one of the authors 15 years ago. But don't let that sway you. I truly appreciate the scope and effort put into this book. We will use it as an outline for how our analysts should approach analyzing a credit. Chapter 3 alone is worth the price of admission as the authors list the elusive "qualitative" factors that go into a credit rating, beyond what the ratios tell you it should be. While the book barely scratches the surface of certain analytical methods (the Merton Model got 1/2 a page), and it is written more for the layman or student, I still learned many things. And I've been in the business 20+ years. The prior reviewer, and many others will say they wished they wrote this book. I will too. I even briefly started my own version recently. But I first turned to S&P's ratings criteria as an outline. As such, the right people wrote this book. The authors fully used the vast resources and data mining of S&P. This certainly feels like a team effort. The telecom analyst wrote a piece on the rapid decline of telecom credits in 2000-2002, and other professionals added real life examples. The book organizes itself in the top down approach to analysis. It starts with sovereign risk, then moves to industry, then company business/competitive risk. It then highlights the ratios to look for, and also gives data on seniority and recovery values for specific levels of debt. It then uses these tools to analyze a fictional company. It ends with case studies that cover M&A, sovereign risk and other topical reviews that act as a real life summary to what you just learned. Highly recommended. Well done.
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18 of 21 people found the following review helpful By Robert G. Barnwell on January 23, 2005
Format: Hardcover Verified Purchase
This book is long overdue. It typically takes a credit or corporate banking professional several years and several levels (analyst, senior analyst, associate/assistant vice president, and finally, vice president) to piece together the knowledge and analytical skills presented within this wonderful book. The book offers a comprehensive foundation in business, financial, and strategic analysis (among several other related topics) in a very easily digested and understood manner. I guess my only complaint is that I didn't have the opportunity to write it myself!! I would advise every credit or relationship management team leader to purchase this book for their entire team -- particularly for their analysts and associates (although... on second thought, perhaps everyone on the team should have a copy in their desk drawer.) Bottom line: Highly-recommended. AAA+++
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5 of 6 people found the following review helpful By Jonathan Luptak on June 7, 2009
Format: Hardcover
I purchased this book as a review/primer for a full credit training course with my employer. I am two years out of school and wanted to give myself a solid background as the training was graded and competitive.

This book gives a solid background on the fundamentals that one would need to understand. It is by no means exhaustive. The training I went through was six weeks and this book totaled roughly the equivalent of one week of class work and independent study. That said, it touches on every major area so I felt very prepared going into each and every class. Also, the case studies at the end were especially useful as part of the class (and every similar class I am aware of) includes a full case study/credit presentation as the final report.

I would highly recommend this book for anyone preparing for a similar training program or to transition into any corporate credit analysis position, however, it is not a substitute by any means. I believe it would also serve as a great refresher or reference book for someone returning to the industry or even someone with experience.
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2 of 2 people found the following review helpful By investingbythebooks on July 7, 2013
Format: Hardcover
If you ever wondered how credit ratings are set, here's the answer. The authors are managing directors at Standard & Poor's and John Bilardello manages the corporate ratings division, few know more about how credit ratings are set. In all effects this is a book on how S&P performs credit analyses, outlining both the methodology and thought process. It was published just a few years prior to the financial crisis when the credit rating agencies were at the zenith of their influence.

The book is organized into three parts where the first covers an analysis of the company. The process looks to country risks, sector risks and company specific risks. The financial position and future cash flows are analysed, all to enable forming an opinion on the probability of whether the company will pay interest and principal in time. For me the fact that the process starts with the country risk, and the potential cap this imposes on the credit, rating feels a bit backward but perhaps it's just a matter of ticking all the boxes and the order is less important. There is a useful and comprehensive check list used to evaluate the level of governance-, management- and accounting risk. It's interesting to see that just 8 years ago the rock solid, self-evident opinion was that developed markets are stable and credit worthy while emerging markets are volatile, dependent on capital flows and doubtful credits. For someone with equity background it's also a bit amusing, although fully logical, that instead of using a bear case, normal case and a bull case in the scenario analysis the credit analyst uses a normal case, a bear case and a default case...
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Standard & Poor's Fundamentals of Corporate Credit Analysis (Standard & Poor's)
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