Credit Analysis Training

Programs built to compete for any credit engagement. From foundational probability-of-default frameworks to full-cycle integrated intensives.

About the Curriculum

A complete credit training suite, built for every level

Training the Street’s credit curriculum delivers a comprehensive set of programs built to develop essential credit skills at every level. From foundational probability-of-default frameworks to full-cycle integrated intensives, each program offers practical, market-tested content that can be deployed standalone or as a bundled sequence, giving your team the depth and flexibility to meet any client’s training needs.

Foundational programs. Stackable by design

Each standalone module is a self-contained program that can be delivered independently or combined into a complete credit sequence.

3.5 – 7 hours

Credit Analysis Fundamentals: Probability of Default

Participants gain understanding of the credit rating process by examining the assessment of both operational and financial risks of the business. By the end of the session, participants derive a rating for a case company.

KEY TOPICS
  • Understanding credit
    • Nature of credit risk
    • Purpose of credit analysis
    • Asymmetric nature of credit risk
    • Difference between up
    • Downside of equity and credit
  • How to undertake a credit analysis
    • Ratings scales
    • Default and recovery rates
    • Issuer and issue ratings
    • Analytical approach to credit analysis
    • Key principles: cash-based, forward-looking, peer group
  • Analyzing business risk profile
    • Key drivers of business risk and their identification
    • Macro, industry, and company-specific evaluation
  • Analyzing financial risk profile
    • Key components of financial analysis
    • Cash flow analysis from a credit point of view
    • Various cash flow concepts of rating agencies
    • Credit ratios: most common ratios and their application
    • Credit ratios according to the ratings category
    • Financial policy analysis
  • Pulling the credit analysis together
    • How to weight different risks
  • Using the output of credit analysis
    • Allocation, pricing and credit decisions
  • Building a financing strategy
    • Introduction to FRICTO analysis
    • Balancing cost of financing options, flexibility and strategic requirements
View full outline

3.5 – 7 hours

Credit Analysis Fundamentals: Loss Given Default

This program analyzes the financials from the credit perspective, making technical adjustments to the main numbers to accurately reflect the creditworthiness of a company, project or going concern. In addition, the session covers debt structuring issues.

KEY TOPICS
  • Understanding credit: Recap
    • Fundamental credit equation
    • Loss Given Default
    • Exposure at default
  • Debt structuring considerations
    • Notching
    • Estimating recovery rates for different assets used as collateral
    • Ranking in liquidation
  • Structuring issues: Contractual subordination
    • Understanding the issue
    • Adjustment to credit analysis
  • Structuring issues: Temporal subordination
    • Understanding the issue
    • Adjustment to credit analysis
  • Structuring issues: Structural subordination
    • Understanding the issue
    • Debt push down – HoldCo vs OpCo lending
    • Adjustment to credit analysis
    • Beating structural subordination: Guarantees and covenants
  • Structuring issues: Parent-Sub relationship
    • Will subsidiary support the parent
    • Will the parent support the subsidiary
    • Analysing the strength of the relationship
  • Covenants
View full outline

3.5 – 7 hours

Credit Documentation

This course provides a comprehensive overview of loan documentation, focusing on credit agreements and bond indentures. Participants will learn about the structure and key elements of credit agreements as well as how these documents underpin credit risk analysis. The curriculum covers methods for reviewing and analyzing loan and bond documentation, highlighting their significance in credit decision-making.

KEY TOPICS
  • Overview to loan documentation
    • A component of credit analysis and credit decision-making
    • Bond documentation overview
    • Loan documentation overview
    • Methods for reviewing credit documentation
    • Methodical Approach: Identify Facts
    • Methodical Approach: Extract Key Credit Information
  • Credit agreements
    • Component of a credit agreement
    • Importance of definitions and permitted definitions
    • Credit facilities, pricing, payments
    • Conditions precedent and Reps and warranties
    • Guarantees
    • EOD
    • Governing law
    • Covenants in detail, default remedies
    • Joint and Several Obligations
    • Intercreditor Agreements
    • Material Adverse Change
    • Effect
    • Collateral agreement: Perfection and Priority, Ringfencing
  • Negotiating a credit agreement
    • Key negotiating points and checklist
  • Bond indentures documents
    • Bond indentures compared to credit agreements
    • Baskets, Thresholds, Make whole payments
  • Credit monitoring
    • Ongoing process and early warning signs
View full outline

End-to-end programs for deep credit immersion

Integrated programs combine multiple modules into cohesive, multi-day intensives anchored around a central case study. 

Credit Analysis Fundamentals

2 days

This two-day integrated credit analysis program provides participants with an end-to-end, practical framework for assessing, structuring, and monitoring credit risk across the full credit lifecycle. The program is anchored around a single, cohesive “fallen angel” case study, enabling participants to see how credit fundamentals, loss severity, and legal protections interact as a company migrates from investment grade to sub-investment grade.

Programs Covered

  • Credit Analysis Fundamentals: Probability of Default
    • Understanding credit
    • How to undertake a credit analysis
    • Analyzing business risk profile
    • Analyzing financial risk profile
    • Pulling the credit analysis together
    • Using the output of credit analysis
    • Building a financing strategy
  • Credit Analysis Fundamentals: Loss Given Default 
    • Understanding credit: Recap
    • Debt structuring considerations
    • Structuring issues:
      • Contractual subordination
      • Temporal subordination
      • Structural subordination
      • Parent-Sub relationship
    • Covenants

Core Credit Analysis

5 days

This five-day program delivers an end to end, practitioner-focused immersion into modern credit analysis, spanning public markets, private credit, documentation, restructuring and distressed investing. The program is unified through a central “fallen angel” case study, allowing participants to follow a company’s journey from investment grade through downgrade, restructuring risk and potential recovery.

Programs Covered

  • Credit Analysis Fundamentals: Probability of Default
    • Understanding credit
    • How to undertake a credit analysis
    • Analyzing business risk profile
    • Analyzing financial risk profile
    • Pulling the credit analysis together
    • Using the output of credit analysis
    • Building a financing strategy
  • Credit Analysis Fundamentals: Loss Given Default 
    • Understanding credit: Recap
    • Debt structuring considerations
    • Structuring issues:
      • Contractual subordination
      • Temporal subordination
      • Structural subordination
      • Parent-Sub relationship
    • Covenants
  • Private Credit
    • Private debt market overview
    • Direct lending
    • Distressed lending and special situations
    • Opportunistic credit and hybrid strategies
    • Asset backed and specialty financing
    • Deal structuring and key terms
    • Emerging regulatory scrutiny
  • Credit Documentation
    • Overview to loan documentation
    • Credit agreements
    • Negotiating a credit agreement
    • Bond indentures documents
    • Credit monitoring
    • Syndication considerations
  • Advanced Credit Topics
    • Credit fundamentals summary recap
    • Complexities in credit analysis
    • Banks’ perspective
    • Bond accounting for debt issuers
  • Financial Restructuring
    • Financial stress and distress
    • Understanding the capital structure
    • Liquidation
    • Financial restructuring as a going concern
    • Overview of insolvency regimes globally

Ready to build your credit training program?

For more information about our Credit Analysis programs, contact us at [email protected].
We’re happy to discuss content and deployment options to provide a tailored solution for your team.

Corporate SOlutions

Training The Street creates customized training programs that deliver the right content at the right time to maximize talent development.