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Standard & Poor

Standard & Poor's Fundamentals of Corporate Credit Analysis by Blaise, Ganguin

Standard & Poor's Fundamentals of Corporate Credit Analysis

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Standard & Poor's Fundamentals of Corporate Credit Analysis Blaise, Ganguin ebook
Format: pdf
ISBN: 0071454586,
Publisher: McGraw-Hill
Page: 463

Fitch Ratings recently (November 6, 2012) upgraded Turkey's long-term foreign currency credit rating to Investment Grade, “BBB-“, which is great news. Standard & Poor's Fundamentals of Corporate Credit Analysis 1st edition, Blaise Ganguin. In this article, I argue that there is a high probability that Turkey will receive an upgrade from S&P or Moody's, therefore achieve a “real” investment grade status “if” the CDS spreads for 5 year Turkish Government Bonds (currently 1.27%) fall below 110 basis points (1.1%). €We have concerns that HP's inconsistent growth strategies and high levels of board of director and senior management turnover have elevated the level of operational and execution risk in the near term,” S&P analyst Martha Toll Reed said in a statement. The scenario planning method; Market-based measures; Fundamental analysis of credit issuers and issues; Third-party assessments. The Scenario In a recent academic working paper, tilted “Credit Ratings and Credit Risk,” Brandeis University's Jens Hilscher and Oxford University's Mungo Wilson demonstrate that credit ratings by Standard & Poor's dating back to 1986 are outperformed by a simple model in predicting corporate failure. Credit rating agency Standard & Poor's downgraded Hewlett-Packard's credit rating earlier this week, citing poor policies, a high turnover rate among top executives and an unclear strategy. S&P issued credit ratings on more than $2.8 trillion of residential mortgage-backed securities and about $1.2 trillion of collateralized-debt obligations from September 2004 through October 2007, according to the complaint. According to the State Audit of Vietnam, many state-owned enterprises “Vinashin has created significant uncertainty over the likelihood of a government bailout, further highlighting the importance of sound credit risk assessment based on borrowers' fundamentals. A simple analysis of the company's initial ratings of debt offerings compared to later ratings of the same offerings would probably show a pattern of nothing but no changes or downgrades. €Vinashin's woes highlight the lack of transparency, weak accountability, and poor corporate governance in Vietnam,” said S&P credit analyst Ivan Tan. Let's call this “fundamental analysis”.

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