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Standard & Poor’s Credit & Risk Training
PRESENTED BY:
Calgary CFA Society and Standard & Poor’s (S&P)
COURSE
DESCRIPTION:
Over a 3-day period participants will learn S&P’s methodology for assessing credit risk and assigning ratings. During the final day, participants will be able to analyze and rate two Canadian companies and then discuss those ratings with S&P’s Canadian analyst. Day 1 Understanding and Assessing Ratings and Risk Factors • Credit Risk • Terms and Definitions Used By Standard & Poor’s “Ratings Performance” By Standard & Poor’s Default, Ratings Transition, Recovery, Spread Corporate Rating Analysis and Methodology • Business Risk Profile Analysis • Industry, Company Position Factors Profitability / Peer Group Business Risk Profile (Continued) Industry Examples: Oil & Gas Issuers Business Risk Profile Exercise Group Discussion Financial Risk Profile • Financial Policy, Cash Flow, Capital Structure, Liquidity • Overview of Oil & Gas Accounting Topics • Key Ratios: Definitions and Uses Industry Examples: Oil & Gas Issuers End of Day 1 (Overnight: Assess Financial Profile Exercise) Day 2 Financial Risk Profile Exercise Group Discussion Sovereign and Country Risk: The Impact on Corporate Ratings • Local vs. Foreign Currency Ratings • Sovereign Ratings Corporate Rating Parent / Subsidiary/Affiliate Links
• Impact on Issuer Ratings Analyzing Corporate Group Recovery Expectations and Issue Ratings • Speculative Grade and Investment Grade Issues • Secured and Unsecured Debt Issues • Impact of Structural Subordination Recovery Ratings: Methodology Overview • Loss and Recovery Experience • Recovery Ratings Basics Case Study Introduction End of Day 2 (Overnight: Analyze Case Study) Day 3 - E&P and Oilfield Service Case Study and Rating Exercise Recap of Day 2 Case Studies I and II • Introduction – Business Risk Analysis Case Studies I and II • Rating Workshop – Business Risk Analysis Case Studies / Ratings Committee Simulation • Workshop Presentations – Business Risk Analysis Case Studies I and II • Introduction – Financial Risk Analysis & Corporate Credit Rating Case Studies • Rating Workshop – Financial Risk Analysis & Corporate Credit Rating Case Studies / Ratings Committee Simulation • Workshop Presentations – Financial Risk Analysis & Corporate Credit Rating Case Studies Discussion with Standard & Poor’s Guest Ratings Analyst Program Wrap-Up / Adjourn
FEATURING:
John R. Newcomb John Newcomb is the Global Director of Standard & Poor’s Credit & Risk Training. He is an experienced practitioner of corporate finance and credit, who has held professional and management positions with major financial institutions in New York and Boston. Prior to joining Standard & Poor’s in 2001, John was Director of Credit & Capital Markets Training for BankBoston, responsible for supporting commercial and investment banking operations worldwide. For most of his career, John served as a senior professional in debt syndication, corporate lending, loan workout, correspondent banking, and corporate financial consulting principally at Irving Trust Company in New York and at BankBoston. John holds a BA from Loyola University, New Orleans, and has completed executive curricula at Columbia University (the Arden House Bank Management Program) and the University of Southwestern Louisiana (the Oil Drilling & Exploration Industry Survey Program). He has also served as an adjunct instructor in finance & economics at the School of Management of Boston University Michelle Dathorne Michelle Dathorne is a director and credit analyst in the corporate ratings group at Standard & Poor’s in Toronto. She is responsible for analysing the Canadian oil and gas, and pipeline sectors. Prior to joining Standard & Poor’s in 1998, Michelle was part of the corporate and investment banking division at a major Canadian financial institution. Michelle holds a Master of Philosophy from the University of Cambridge (Queens’ College) in the United Kingdom and a Bachelor of Commerce from McGill University in Montreal. Mark Mettrick Mark Mettrick is the managing director and head of the Canadian corporate ratings group at Standard & Poor’s in Toronto. Mark leads a team of 20 analysts, with responsibility for a portfolio of more than 250 corporate companies.
Joining Standard & Poor’s in 1997, Mark spent several years in the Toronto office as a senior credit analyst responsible for analysing every aspect of both industrial and securitization credits. Mark then transferred to the London office where he was a team leader in the leveraged finance group. This group participated in the coverage of leveraged loan CLOs, loan ratings, private equity funds, and whole business securitizations. Mark's combination of Canadian market experience along with his work in the dynamic European credit environment provides an excellent foundation for his leadership of the Toronto team of corporate analysts.
Prior to joining Standard & Poor’s, Mark held a number of positions of increasing responsibility in the credit department of a major Canadian bank. Mark is a Chartered Financial Analyst and a member of the Toronto Society of Financial Analysts. He holds a Master of Business Administration from Queen's University in Kingston and a Bachelor of Arts in economics from the University of Guelph, Ontario.
INCLUDED IN
COURSE FEE:
S&P will provide all training materials to be used in the Course’s classroom instruction (“Course Materials Binder”), and free trial access to S&P’s RatingsDirect web based product service.
COST:
$1999 Early bird for members prior to October 22, 2007 $2299 Early bird for non-members prior to October 22, 2007 $2199 For members beginning October 22, 2007 $2499 For non-members beginning October 22, 2007
DATE:
January 29 – 31, 2008
TIME:
8:30am – 4:30pm
LOCATION:
Mount Royal College 4825 Mount Royal Gate SW
Other
Information:
We are planning a “Deal Makers” dinner for January 30th. This dinner will be a social evening with no formal programming. It will be an opportunity to meet other participants, the instructors and board members of the Calgary CFA Society and have a great evening. The cost for the dinner will be an additional $65.
Space is limited. Register early to avoid disappointment. Payment is due at time of registration. Forms received without payment will be confirmed on a space available basis when payment is received. All fees are payable in Canadian Funds. Confirmation letters will be emailed within two weeks of receipt of your paid registration. Please register early, as attendance is limited. To register, fax the attached form to 206.0650 or email to [email protected]. Phone registrations will not be accepted. You may forward cheques made payable to Calgary CFA Society c/o 100, 111-5th Avenue S.W. Suite 118, Calgary, AB T2P 3Y6. Registration deadline is November 2, 2007. Cancellation Policy: A full refund will be given to cancellations received no later than December 10, 2007. A cancellation fee of 50% applies for cancellations received after December 15, 2007. Cancellations received less than one week prior to the start date will be subject to full payment. Substitutions from the same company are accepted. For more information, please contact Debbie Kunert at 240-2929 or [email protected].
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PAYMENT:
$1999 Early bird for members prior to October 22, 2007 $2299 Early bird for non-members prior to October 22, 2007
$2199 For members beginning October 22, 2007 $2499 For non-members beginning October 22, 2007
I would be interested in a attending the Deal Makers Dinner on January 30, 2008 for an
additional cost of $65 ** Please note that meals will not be included.
TOTAL COST: VISA or
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EXPIRY DATE:
As a participant in the CFA Institute Approved-Provider Program, the Calgary Society has determined that this event qualifies for credit for the CFA Institute Professional Development Program.
