Corporate and Sovereign Ratings: Techniques, Limitations, Post-2011-Crisis Scenarios

Rating objectives (corporate and sovereign issuers)
  • Counterparty risk analysis
  • Rating philosophy
  • Rating supply and demand
Rating approach
  • Rating process
  • Factors analysed by agencies
  • Analysis of corporate environment
  • Financial analysis
Different ratings: S&P, Moody's, Fitch, Dagong
  • Different ratings: LT and ST (issuer and issues)
  • LT and ST concordance tables
  • Practical workshop
  • Examples / in the industry / in the banking sector Interpretations of the different ratings
Rating responsiveness
  • Responsiveness to upgrading & downgrading
  • Consideration given to corporate governance
  • Practical workshop
  • Changes in ratings over time
  • Rating and defaults: figures and notes
2011 crisis and post-crisis scenarios
  • Sovereign ratings and government distrust
  • Post-crisis scenarios

  • Learn about the different rating methods (external ratings)
  • Interpret a rating
  • Form an opinion on an existing rating
  • Set up an internal risk analysis system (internal rating, quantitative and qualitative aspects)
  • Anicipate default risk
  • Set up an internal rating system on the basis of quantitative (ratios) and qualitative (new governance criteria) data
  • Identify the subtleties of corporate ratings
  • Shed light on the 2011 crisis
  • Financial analysts, credit analysts
  • Equity and bond fund managers
  • Originators
  • Issuers' finance departments (CFOs, treasurers)
  • Risk managers
  • Back office, middle office
  • Internal control, Audit
  • IT
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