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"Fixed Income": The Four Cs of Credit Analysis framework
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Questions 1:
Which of the following is least likely a component of the “Four Cs of Credit Analysis” framework?
A 、Covenants
B 、Competition
C 、Collateral
Questions 2:
A credit analyst observes the following information for Zeta Corp. and its industry.
Based on this information, it is most likely that the credit risk of Zeta Corp. is:
A、 below its industry peers.
B 、similar to its industry peers.
C 、above its industry peers.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The “Four Cs of Credit Analysis” framework includes capacity, collateral, covenants, and character. Competition is not one of the components.
A is incorrect because covenants are the terms and conditions of lending agreements that the issuer must comply with. It is part of the “Four Cs of Credit Analysis” framework.
C is incorrect because collateral refers to the quality and value of the assets supporting the issuer’s indebtedness. It is part of the “Four Cs of Credit Analysis” framework.
【Answer to question 2】C
【analysis】
C is correct. The company has a similar return on capital, but it has significantly higher leverage as well as a lower EBITDA interest coverage ratio than its industry peers. It is likely that the company’s credit risk will be above its industry peers.
A is incorrect because the company has significantly higher leverage as well as a lower EBITDA interest coverage ratio than the industry median, indicating that its credit risk is above its industry peers.
B is incorrect because the company has significantly higher leverage as well as a lower EBITDA interest coverage ratio than the industry median, indicating that its credit risk is above its industry peers.
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