Corporate Credit Analysis e-Academy

2 days 12-13 Nov 2016, Hong Kong Hong Kong $3,750.00 Download brochure Add to basket

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  • Combines interactive multi-media online learning with two-day face-to-face workshop.
  • The online element of the course takes about ten hours to complete and should be completed before the two-day workshop.
  • Online element includes self-paced multi-media eLearning, collaborative exercises and case studies, videos, self-assessment and learning support resources delivered six weeks before the start of the face-to-face course.
  • Online learning can be accessed on any devices including PC, laptop and tablet.
  • Evidence shows that e-learning is a powerful medium for acquisition of information and knowledge and reinforcement of learning is amplified when students are given in-class opportunities to practice and apply what they have learned.

The global credit crisis has left many small, medium and even multinational companies facing internal financial crisis as they try to shore-up the value of their assets, release liquidity as banks reduce their cash lines and look to the future by staving off further decline by assessing real growth areas. However, an increasing number of borrowers are failing to meet their loan obligations.

Bankers lending to such troubled borrowers are often faced with a dilemma: enforcing liquidation which can provide certainty of a short-term return but which can involve a significant loss of principal, or giving the borrower more time which adds yet more uncertainty to a risky recovery process. In tough liquidity conditions, such as today's global credit crunch, credit professionals are required to quickly identify what is causing borrowers problems and provide the most appropriate and cost effective financing solution. Such solutions can be unique to the sector in which the company operates and specialist knowledge may be required regarding leverage buyouts, corporate loan workouts and particularly immediate organisational financial restructuring. Access to credit and knowledge of how to implement relevant 'credit' strategies will be the key determining factor as to which companies survive this crisis

How will this course assist you?

  • Our unique program ‘blends’ live workshops, self-paced online learning, collaborative exercises, assessments and learning support resources to provide a more effective learning experience.
  • Evidence shows that e-learning is a powerful medium for acquisition of information and knowledge and reinforcement of learning is amplified when students are given in-class opportunities to practice and apply what they have learned.

Through the eLearning and classroom workshop, you will cover:

  • An overview of credit issues including regulations, rating agencies, cash flow, debt issues, corporate loan workouts and financial restructuring
  • Analyse credit risk to avoid losses
  • Address early warning signals and identify the causes of the borrower's problems
  • Use financial modelling with Excel for forecasting and credit analysis
  • Evaluate the various loan workout and restructuring options
  • Develop repayment programmes tailored to the borrower's operating cash flow
  • Identify which borrowers can be returned to viability, as opposed to those for whom a quick liquidation is the most realistic course


We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Hong Kong
Sarah Martin

Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.



Hong Kong

4-5 Star Hotel in Hong Kong

All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Related Courses


We can bring this course to your company's office.

If you simply want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. Our tailored learning solutions are designed specifically for your organisation’s needs.

We’ll be here to support you every step of the way. From the initial consultancy through to evaluating the success of the full learning experience. We'll ensure you get the maximum return on your training investment.

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The programme consists of ten hours of self-paced, multi-media eLearning followed by a two-day classroom course. We recommend that eLearning is completed before attending the classroom course.

eLearning Modules

1. Introduction and background:
  • Main credit products available to corporates
  • Advantages and limitations of various credit products
  • How to structure a credit package for a corporate

2. Financial analysis:

  • Aims of financial analysis and accounting background
  • Analysing the statement of comprehensive income
  • Analysing the statement of financial position and off balance sheet liabilities
  • Analysing the statement of changes in equity
  • Analysing the statement of cash flows
  • Different types of financing

3. Leverage and structural analysis:

  • Determinants of and suitability for leverage
  • Rationale and impact of capital redemptions
  • Structural risks including structural subordination and double leverage
  • Parent/subsidiary/joint operation rating linkage

4. Corporate finance transactions:

  • Most common corporate finance transactions
  • Effect of corporate finance transactions on a corporate’s leverage and coverage ratios

5. Business risk analysis:

  • Key qualitative factors influencing credit quality
  • Key factors in sovereign risk analysis
  • Components of industry risk
  • Firm’s specific strengths and weaknesses

6. Documentation and covenants

  • Documentation risks
  • Key credit documentation terms

Two-day Classroom Workshop

Set out below are the topics that will be covered during the two days of classroom learning

Day 1

1. Review of topics covered by delegates in the e-learning programme. The course instructor will go through delegates’ questions relating to the e-learning. Delegates are invited to forward these queries to the course instructor in advance of the classroom learning.

2. Further case studies on financial analysis – selected case studies to be agreed with the client. In particular, we will focus on:

· Adjusting for exceptional items, non-core earnings, discontinued items, derivatives, operating leases etc

· Adjusting for joint-ventures/associates and NCI

· Analysing EBITDAR, EBITDA, EBIT; pitfalls of using EBITDA or adjusted EBITDA

· What constitutes interest charges, including derivatives and quasi debt

· The cashflow statement: operations, NWC, investment & financing

· Operating earnings vs. operating cashflow

· Reorganising the cashflow statement to show CADR

· Payback and debt service analysis

· Primary and secondary sources of debt repayment

· Cashflow based lending vs asset based lending

· Ratio analysis: margins (gross, EBITDAR, EBITDA, EBIT, pre-tax, net), interest cover, basic and enhanced dividend cover

· The balance sheet and consolidation policies

· The asset base

· What constitutes debt – derivatives & quasi-debt

· Off balance sheet liabilities

· Adjusting for securitised receivables, operating leases, vendor funding, recourse financing, contingent liabilities, letters of credit, performance guarantees, retiree benefit deficits etc

· Liquidity analysis

· NCI, joint ventures & equity accounting

· Ratios analysis (leverage, liquidity, asset coverage, working capital, ROIC, ROE, asset turnover, Dupont analysis)

· Assessing debt capacity: balancing growth with asset turnover & financial policy

· Accounting factors; how results can be manipulated

Time permitting, we can also do a case study, to be agreed with the client, on the impact on credit quality of corporate finance transactions such as acquisitions, disposals, demergers etc.

Day 2

1. Modelling and forecasting in Excel

· Creation of full financial forecasting models

· Creation of assumptions – what are the critical value drivers?

· Modelling of assumptions for inter alia, revenue growth, COGS, SG&A, depreciation, net interest, capex, disposals, gains on sale, NWC, JVs, NCI, dividends, changes in equity and changes in net debt

· Modelling for fixed and variable costs

· Return analysis

· Creation of covenant package

· Sensitivity analysis – base case, management case, downside cases

· Case studies: modelling with Excel of historic accounts, creation of forecasts, calculation and analysis of ratios, creation of covenants. Creating a refinancing package for a cyclical company. Modelling different scenarios in one worksheet.


Why us

We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product