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Contents from the first chapter，for example:
a. Distinguish among default risk, credit spread risk, and downgrade risk
1) default risk：The borrower will not repay the obligation
2) Credit spread risk: the credit spread will increase/decrease? and cause the value of the issue to decrease/increase? and/or cause the bond to under perform its benchmark
3) Downgrade risk: the issue will be downgraded by the credit rating agencies which will cause the price to fall
(Standard & Poor's; Moody's; Fitch---only assess default risk)
1) Credit rating:
Long term— probability of both default and loss to investor
Short term—only probability of default
2) Rating watch: short term (usually 3 months); adjust at least Two rating notches (e.g. A1 to A3)
3) Rating outlook: longer term (6 months to 2 years); adjust one rating notch(e.g. A1 to A2)
[此贴子已经被作者于2007-4-9 12:59:55编辑过]
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