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Course

Certificate in Corporate Credit Analysis

This certificate programme follows the same structure as the Corporate Credit Analysis course. Following this course, participants will be given three months to complete the online assessment to gain their certificate. The overall goal is to enhance the analytic skills needed in the assessment of corporate borrowers or counterparties. Participants will use a structured and systematic approach to evaluate the credit standing of companies in a variety of industrial and service industries.

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BST, 05 - 08 May 2026Virtual ClassroomLondon, 23 - 26 Jun 2026In-person ClassroomNew York, 23 - 26 Jun 2026In-person ClassroomLondon, 03 - 06 Aug 2026In-person ClassroomFrankfurt, 07 - 10 Sep 2026In-person ClassroomEDT, 14 - 17 Sep 2026Virtual ClassroomDubai, 05 - 08 Oct 2026Virtual ClassroomSGT, 13 - 16 Oct 2026Virtual ClassroomNew York, 27 - 30 Oct 2026In-person ClassroomBST, 09 - 12 Nov 2026Virtual Classroom

Select from the dropdown list to explore course locations, delivery methods, dates, and prices. (All courses based in Dubai will be delivered virtually until further notice.)

Skills You
Will Gain

Apply a structured approach to assess the creditworthiness of a corporate borrower

Evaluate the performance of a company based on qualitative and quantitative frameworks and tools

Identify the key factors that drive a company’s future performance and evaluate the likely impact on its credit standing

Use a cash flow approach to ascertain a company’s ability to service/refinance its debt as it comes due

Use market indicators to understand refinancing risk and the market view on a credit

Who
Should Attend

Anyone with an interest in building or further enhancing their corporate analysis skills: financial professionals in a credit risk, asset investment or relationship management role, as well as those engaged in the assessment of counterparty risk from an underwriting viewpoint or trade debtor exposure. Regulators or those in a supervisory role with an interest in understanding the underlying credit assessment needed in the organizations or departments they assess. Participants are expected to be familiar with financial statements, interested in learning about derivatives and hedge accounting.

Course
Content

Download Overview

Module
Module
Analytic Overview

Case studies and exercises are drawn from a range of industries and regions, and where possible include investment grade and sub-investment grade companies operating in mature and/or developing financial markets.

Introduction of the four-step approach to any risk exposure: Purpose of transaction, sources of repayment, risks to repayment and structure of debt or exposure needed to safeguard repayment.

  • Application: Identify the true purpose of borrowing, the source(s) and risk of repayment, and the expected structure of the debt for several companies using company descriptions and key financials.
Module
Module
Macro Considerations

Macro risks in the operating environment, financial markets, and industrial sector a borrower operates in.

  • Location: Country risk and markets where a borrower raises funds
  • Application: Identify countries in different stages of development and levels of perceived sovereign risk
  • Sector: Competitive intensity of the sector(s) a borrower operates in; structure, key players, basis of competition, risk of new entrants, substitution and relative bargaining power of buyers and suppliers
  • Long-term growth potential and volatility of demand
  • Application: Illustration case study provided as pre-course material
  • Application: Identify asset configurations, funding structures and earnings of companies in different sectors
Module
Module
Management and Ownership

The role and strategy of the management team, and the influence and control of shareholders are assessed.

  • Management’s business and financial strategy and performance goals
  • Corporate governance and reporting structure
  • Group structure and shareholders
  • Quality of financial reporting
  • Application: Illustration case study provided as pre-course material
Module
Module
Business Profile

Understanding a company’s business strategy in the context of sector, country of operation and shareholder requirements.

  • Diversity of services/products, geographical end markets, customer and suppliers.
  • Competitive position: Product dominance and a company’s relative market position. Comparative size and possible operating efficiencies.
  • Sector-specific factors.
  • Quality of financial reporting.
  • Application: Illustration case study provided as pre-course material.

Module
Module
Financial Profile – Cash Flow and Profitability
Earnings and cash flow
  • Internal and/or external factors impacting revenues and core profitability
  • Performance vs. the market and per division/geography
  • Application: case study with exposure to FX and commodity prices
  • Impact on performance by non-operating items
  • Looking beyond EBITDA at sustainability of funds flow from core operation (e.g. funds from operations – before changes in working capital)
  • Application: illustration case study using additional financial ratio and sector peer information ​
Asset investment and efficiency
  • Working capital management, cash conversion cycle and supplier finance
  • Application: comparison of cash conversion of companies operating in the same sector
  • Cash flow impact of the company’s working capital management stability of cash flow from operations
  • Expansion or replacement asset investment in on-balance sheet fixed and intangible assets
  • Industry-specific utilization measures and off-balance sheet ‘assets’
  • Example(s)
  • Application: illustration case study using additional financial ratio and sector peer information​
Forecasting and Sensitizing Key Cash Flow Drivers
  • Forecast operating performance and asset investment requirements using a basic Excel cash flow model calculation of present value of cash flow available for debt service
  • Application: illustration case study –set scenarios to test the robustness of future cash generation and key vulnerabilities

Module
Module
Financial Profile – Funding Structure and Financial Flexibility

Evaluation of the appropriateness of a company’s funding structure and ability to service its financial obligations (‘Financial Risk’).

Capital structure and funding instruments using cash flow

  • Financial discipline and dependency on external financing
  • Funding instruments used, tenor, currency of the debt and any off-balance sheet financial obligations
  • Financial leverage and comparison with the business risk from operations
  • Application: Illustration case study using additional financial ratio and sector peer information

Financial profile – financial flexibility

  • Debt service capability: Affordability of the level of debt – meeting interest and debt repayments obligations (debt service) from internally generated cash over the past years and based on future cash flow available for debt service
  • Application: Assessment of the capital structure and debt service capability for several companies operating in a similar sector
  • Debt capacity assessment: Present value of future cash available for debt service
  • Foreign exchange exposure, hedging strategies and potential impact on cash flow and debt servicing capability
  • Refinancing risk and liquidity: Ability to meet short-term financial obligations as they fall due from current operations
  • Application: Illustration case study using additional financial ratio and sector peer information

Fitch Ratings Corporate Navigator

  • Application: illustration of how the interactive tool uses similar credit risk factors in assessing an issuer default rating

Module
Module
Debt Structure

Overview of main elements of debt structures. (These topics are covered in greater detail in our ‘Capital Structures and Debt Products’ course.)

  • Ranking: Different ways to achieve seniority or pari passu ranking vs. other capital providers
  • Safeguards: The use of financial and non-financial covenants to mitigate risk
  • Pricing fundamentals: Bond and loan prices
  • Market indicators of credit risk: Credit ratings, bond spreads vs. rating curves, share price
Final Group Case Studies

The aim of the final group case study is to allow participants to apply the framework and tools of credit analysis to a company and make a concise and conclusive presentation to the group on the final day of the course:

  • Companies used for the group case studies vary per location of the course and will be provided for reading on the evening of the penultimate day
  • Preparation and presentation of a complete credit analysis in small groups of two to five participants takes place on the last day

Upcoming
Dates

05 - 08 Oct 20264 DaysVirtual ClassroomDubai3695 GBP
13 - 16 Oct 20264 DaysVirtual ClassroomSGT4895 USD
23 - 26 Jun 20264 DaysIn-person ClassroomLondon4395 GBP
03 - 06 Aug 20264 DaysIn-person ClassroomLondon4395 GBP
07 - 10 Sep 20264 DaysIn-person ClassroomFrankfurt5295 EUR
05 - 08 May 20264 DaysVirtual ClassroomBST3695 GBP
09 - 12 Nov 20264 DaysVirtual ClassroomBST3695 GBP
23 - 26 Jun 20264 DaysIn-person ClassroomNew York5695 USD
27 - 30 Oct 20264 DaysIn-person ClassroomNew York5695 USD
14 - 17 Sep 20264 DaysVirtual ClassroomEDT4895 USD
5 Oct 2026 - 8 Oct 2026
In-person classroom
Dubai
GBP3695
13 Oct 2026 - 16 Oct 2026
Virtual Classroom
SGT
USD4895
23 Jun 2026 - 26 Jun 2026
In-person classroom
London
GBP4395
3 Aug 2026 - 6 Aug 2026
In-person classroom
London
GBP4395
7 Sep 2026 - 10 Sep 2026
In-person classroom
Frankfurt
EUR5295
5 May 2026 - 8 May 2026
Virtual Classroom
BST
GBP3695
9 Nov 2026 - 12 Nov 2026
Virtual Classroom
BST
GBP3695
23 Jun 2026 - 26 Jun 2026
In-person classroom
New York
USD5695
27 Oct 2026 - 30 Oct 2026
In-person classroom
New York
USD5695
14 Sep 2026 - 17 Sep 2026
Virtual Classroom
EDT
USD4895

Frequently
Asked Questions

All courses start at 9am and end at 5pm.

Our courses are designed to be both engaging and flexible, offering a mix of classroom and virtual options to accommodate different preferences. Virtual classroom courses are via Zoom. The courses range from 1 to 5 days in duration, providing an immersive learning experience that is both interactive and case study-based. This approach ensures that participants can apply practical insights to real-world scenarios. The sessions are conducted by experienced trainers who were previously industry practitioners, bringing a wealth of knowledge and firsthand expertise to the training environment.

Most delegates who attend our courses in the UK are able to claim back their VAT once it has been paid. The below information details why we need to charge VAT and how you can claim it back. Why does Fitch Learning charge VAT? The EU VAT Directive (Council Directive 2006/112/EC) article 53 says that for the right of entry to cultural, artistic, sporting, scientific, educational, entertainment or similar events in exchange for a ticket or payment, the place of supply is where the event physically takes place. Since, the event is held in the UK, the place of supply is the UK and therefore UK VAT has to be charged. How can you claim back the VAT you paid for a course? The most efficient way to claim back VAT is directly through the UK’s HM Revenue and Customs (HMRC) by completing the required forms and sending back to HMRC. Please visit this link for more information. To claim back VAT or if you have any questions please contact HMRC; Telephone - 0044 (0) 3000 537 381 Email Overseas Repayment Unit - enq.oru.ni@hmrc.gsi.gov.uk.

You will receive joining instructions two weeks before the course start date, as long as we have received payment in advance of this. Is there pre-course reading? In order to optimize class time we ask participants to read some background information on the main illustration case(s) prior to attending the class. This also helps to ensure that all are able to participate in case discussions. In some cases additional background reading is provided. The length of pre-course reading is advised to participants in advance and typically ranges from 2-3 hours. You will need to bring a laptop or tablet to the course in order to access the course materials, as these will only be available electronically.

Can I pay via an invoice? Yes. We will issue you an invoice, if requested at the point of booking. When do I need to pay? If your company is paying your invoice for you, your company will have 30 days in which to process it. If you are paying for the course yourself, you will need to pay before attendance. What’s the accepted payment methods? We accept bank transfers or payments via Mastercard, Visa or Amex (except Euro payments).

The EU VAT Directive (Council Directive 2006/112/EC) article 53 says that for the right of entry to cultural, artistic, sporting, scientific, educational, entertainment or similar events in exchange for a ticket or payment, the place of supply is where the event physically takes place. Based on this, we need to charge the appropriate Tax/VAT in each country we provide classroom based courses. The current rate of 20% VAT is added to courses taking place in London, 19% in Frankfurt, 9% in Singapore and 5% in Dubai. In other locations we may need to charge a sales tax although not currently for New York.

If I am unable to attend can I send a substitute? Absolutely and it is completely free of charge. We do however ask that we have at least 2 working days’ notice of this change before the course start date. Please email enquiry@fitchlearning.com with full contact details of the substitute and who they are replacing. Can I transfer my booked course to another date? Yes you can. If you email us your request to transfer to the next available course date and give us more than 30 days’ notice, there will be no charge. If you notify us within 30 days of the course start date, there will be an additional payment of 25% of the course fee, provided the original course fee has been paid in full. A transfer can only be made onto a course taking place within a period of 6 months of the original course date and only one transfer can be made in respect of any booking. Can I cancel my course booking? If you email us with your request more than 30 days before the course start date, there will be no charge. If you notify us within 30 days of the course start date you are liable for the full course fees. What happens if I do not attend my course? If you do not attend your course and you do not give us any prior notice you are liable for the full course fee and no refunds can be given. Notice contact details: Email: enquiry@fitchlearning.com.

We are unable to send anything more than our standard course communication. This communication will detail the course you are attending, the location and dates, so it will provide you with all of the information you require to submit a visa application.

No, we do not typically record a public course session. The only time we will record a session, is if a delegate is receiving funding and this is a requirement of the funding provider. In these cases, the recording is only shared with the funding provider and delegates do not receive a copy.

Complimentary
GICP Membership

Enrolling in a Fitch Learning course automatically includes complimentary membership to the Global Institute of Credit Professionals (GICP). This membership provides access to industry resources designed to accelerate your career growth and enhance your expertise. Connect with a global community of finance professionals, discover lifelong learning opportunities and gain the recognition that sets you apart. Elevate your professional development with the GICP, all as part of your course investment.

From
Our Learners

"Excellent course, very well structured. Very knowledgeable trainer, great experience."

Kateryna Plinska, HSBC

"Extremely informative, with capable instructor and real life examples."

Hao Diep, Lloyds Banking Group

"I have learnt a lot, met my primary objectives, especially thanks to the case studies. Thanks to our instructor who made it an interactive and pleasant experience."

Xavier Marchal, HSBC

"Great course, lots of practical applications, examples and case studies!"

Staffan Fredholm, SEB Investment Management AB

"Excellent trainer! One of the best that I ever had. The trainer really is a specialist in the credit market and I strongly recommend this course. Totally worth it!"

Eduardo Ilizaliturri, Profuturo

"Very informative and provided a comprehensive overview on credit analysis. The pace is good and the instructor is very knowledgeable."

Belinda Liao, Fidelity International

"The trainer was great. He had hands-on market experience and was good at explaining, even when it comes to complicated accounting terms. Funny with all the personal anecdotes as well. It is great to be able to attend from home."

Stephen Wollert

Accreditations and Endorsements

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