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A Road Map For Understanding And Analyzing Asia's High-Yield Credits Mar 06
Standard & Poors, March 2006
Abstract
Institutional investors have beaten a path to the high-yield market in ever-larger numbers over the past few years, but they'll need to keep a close eye on credit risks. Standard & Poor's default studies show that when things go wrong, this type of asset class can fall into a distressed situation much more quickly than investment-grade credits. Standard & Poor's applies similar analytical methods to all credit classes, but minutely scrutinizes several areas of particular concern for high-yield, or 'speculative-grade', credits, such as cash flow, liquidity and liability risk management, and structural issues. It also applies stress scenarios to expose potential funding gaps and dissects complicated corporate structures for cash flow leakages. This article explains the key tools that Standard...
Companies mentioned in this report are: Ritek Corp.,Titan Petrochemicals Group Ltd.,Continental Chemical Holdings Ltd.,PT International Nickel Indonesia ,Mandra Forestry Finance Ltd.,PT Gajah Tunggal Tbk.,G Steel Public Co. Ltd.,Chinese Future Corp.,True Corp. Public Co. Ltd.,Galaxy Casino S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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