Corporate Financial Cash Flow Projections

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					               E X P A N D I N G                            C R E D I T                     I N T E L L I G E N C E

www.moodys.com/trainingservices

                                                       Moody’s Training Services Group
                Corporate Credit and Cash Flow Analysis
                                                                A two-day course



Overview
                                                           Course Agenda
It is future cash flows that pay interest and principal,   DAY ONE                                          DAY TWO
not historic accrual profits. This seminar explores the
importance of cash flow analysis in the credit                  Introduction
                                                                                                            • Second Comprehensive Case Study
assessment process. Beyond its focus on cash flow          • Review of the Elements of Corporate Credit
analysis, the seminar deals with credit risk issues of       Risk Assessment                                     Session 5: Preliminary Financial
companies with international activities and the                                                                  and Cash Flow Analysis
                                                           • First Comprehensive Case Study
difficulties involved when dealing with off-balance                                                         • Group Exercise
sheet and contingent liabilities. It also provides an           Session 1: Ratio Analysis
introduction to the concepts of corporate valuation                                                              Session 6: Analytical Treatment
                                                           • Review of the ratios used to establish the
and its usefulness for assessing company solvency.           absolute & relative financial condition of a
                                                                                                                 of Off-balance Sheet and other
                                                                                                                 Contingent Obligations
                                                             company
Course Objective
                                                           • Group Exercise                                 • The nature and risk problems created by
Delegates will be able to:                                                                                    'off-balance sheet' liabilities
• understand the importance of cash flow for the                Session 2: Cash Flow Analysis               • Group Exercise
  credit worthiness of a company
• appreciate the difference between accrual and            • Cash Flow - the differences between                 Session 7: Evaluating lines of
  cash accounting                                            accrual and cash accounting                         credit and early warning signals
• construct & interpret a valid cash flow statement        • Cash Management - How management can
• calculate liquidity and solvency ratios and                impact on the cash availability in a company   • The concepts and principles of loan
  understand their use                                                                                        structuring in the credit process
                                                           • Group Exercise
• anticipate & detect deteriorating cash flow quality                                                       • Review of red flags for problem loans
• interpret impact of seven key cash drivers                    Session 3: Assessing Market Risk
                                                                                                                 Session 8: Putting it all together -
• prepare cash flow projections as a tool for forward-     • Business risk analysis and industry                 preparing a credit proposal
  looking credit assessments                                 competitive factors
• understand the specific issues when analyzing                                                             • Group Exercise: Preparing a credit
                                                           • Group Exercise                                   recommendation
  companies with international activities, and off-
  balance sheet risks                                           Session 4: Financial Projections            • Delegates, working in teams, will prepare a
• understand how to set covenants to manage and                 and the Credit Decision                       credit recommendation, incorporating
  mitigate risk.                                                                                              proposed structure, covenants and
                                                           • The concepts of forecasting and the primary      collateral.
Who Should Attend                                            cash drivers                                   • To assist in the preparation of financial
The seminar is aimed at all those with an existing         • Group Exercise                                   projections and in order to be able to
knowledge of financial statements and basic credit                                                            undertake scenario and sensitivity analyses,
analysis, and whose aim it is to go beyond the                                                                a financial spreadsheet system will be used
                                                                                                              during this exercise. No prior knowledge of
assessment of historic accrual financial statements.                                                          this software tool is required by the
Delegates could come from a broad range of                                                                    delegates.
backgrounds, such as
• commercial credit analysts
• commercial lenders, loan officers, relationship
  managers
• fixed income professionals
• investors                                                                                      Mexico City
                                                                                           August 27-28, 2007
Instructor
                                                                            Cost per person: $13,000 MXN Pesos , includes:
Dennis Blum joined Moody's in 1999 and has over
20 years experience in banking, international                               - course materials
financial training and consulting. He started at a                          - breakfast, lunch and coffee both days
leading NYC bank, dealing with corporate clients and
international finance business. Then he managed a                                         Special Promotion!
group of consultants providing international bank                                      2 month trial of moodys.com
training out of London. He went on to join the start-
up development bank, the European Bank for
Reconstruction and Development. There he helped
establish bank training centers in Russia and
Uzbekistan. He returned to Denver in 1994 to run
his business. Dennis has a degree in Economics
from the University of Colorado and a MBA from
Columbia University.
                       C R E D I T                          &            R I S K                     T R A I N I N G
                                                w w w. m o o d y s . c o m / t r a i n i n g s e r v i c e s


                                                    Registration Form
Corporate Credit &                                       Delegate Details
Cash Flow Analysis                                      Name:
I wish to attend the following training:
                                                        Title:
     Mexico City, Aug 27-28, 2007
                                                        Department:
Cost per person: $13,000 MXN Pesos, includes:
- course materials                                      Company:
- breakfast, lunch and coffee both days
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For additional information, please contact:             Country:
Latin America: Alexandre Buss                           Telephone:                                                      Fax:
alexandre.buss@moodys.com
ph + 5511 3043 7304                                     E-mail:
fx + 5511 3043 7311                                     Moody’s Rep:

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                                                        - 10% discount when an individual registers for more than one seminar at a time
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