Standard & Poor's Fundamentals of Corporate Credit Analysis

Foreword Ed Emmer ix Preface xi Introduction xv PART I CORPORATE CREDIT RISK 1(156) Chapter 1 Sovereign and Country Risks 3(17) Chapter 2 Industry Risks 20(27) Chapter 3 Company-Specific Business Risks 47(17) Chapter 4 The Management Factor 64(16) Chapter 5 Financial Risk Analysis 80(28) Chapter 6 Cash Flow Forecasting and Modeling 108(49) PART II CREDIT RISK OF DEBT INSTRUMENTS 157(114) Chapter 7 Debt Instruments and Documentation 158(42) Chapter 8 Insolvency Regimes and Debt Structures 200(43) Chapter 9 Estimating Recovery Prospects 243(28) PART III MEASURING CREDIT RISK 271(38) Chapter 10 Putting It All Together: Credit Ranking 272(17) Chapter 11 Measuring Credit Risk: Pricing and Credit Risk Management 289(20) PART IV APPENDICES A TO G: CASES IN CREDIT ANALYSIS 309(120) Appendix A AT&T Comcast 310(12) Appendix B The MGM/Mirage Merger 322(9) Appendix C Kellogg's Acquisition of Keebler 331(14) Appendix D Repsol/YPF 345(27) Appendix E Air New Zealand 372(24) Appendix F Peer Comparison: The Three Largest U.S. Forest Products Companies 396(17) Appendix G Yell Group Ltd. Leveraged Buyout (LBO) 413(16) Index 429