The standard perception of utilities as a "safe" investment can no longer be assumed. Threats to the standard business model, like distributed generation, have led to credit ratings downgrades. Changes like these need to be monitored and the implications understood. Only armed with the proper insight and skills can you mitigate risk, or take advantage of potential upside in a transaction.
This program uses real-world scenarios and case studies to provide a thorough overview of the credit risk analysis process as applied to power and gas companies. Whether you're working inside the industry, or covering it from the outside as a regulator, investor or credit analyst, you'll get the perspective and techniques you need to optimize your approach.
Day One
7:30 am
Registration and Continental Breakfast Open
All sessions taught by Ellen Lapson, CFA, unless otherwise noted
8:15 am
Program begins
Welcome and Introductions
Overview of Credit Risk Analysis in Power and Gas Companies; Economic and Regulatory Framework
Financial Statement Techniques for Credit Risk Analysis
Break
Credit Implications of Corporate Structure
The Structure of Corporate Bonds and Bank Agreements (Case Study)
Lunch
SNL Presentation on SNL Data solutions for Credit AnalysisÂ
Evaluating Credit Risk of Counterparties
Break
Energy Trading Risk and Derivatives Exposure
Liquidity Analysis
5:00 pm
Day One concludes
Day Two Â
8:00 am
Continental Breakfast Opens
8:15 am
Program begins
Review of Day One
Financial Analysis: Ratio Analysis (Case Study); Valuation Approaches
Qualitative Analysis/Management Strategy and Experience
Break
Insolvency, Bankruptcy, and Recovery
Warning Signals; Developing Your Own Forward Credit View
Sector Outlook, Conclusions, Group Exercise and Discussion
12:30 pm
Program concludes
This live group seminar is eligible for 12.5 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.
Commercial and investment bankers; Fixed income traders; Buy-side asset managers; Credit analysts/Managers at energy merchants and marketers; Credit staff at a utility; Regulatory commission staff
Evaluating Credit Risk presumes that participants are familiar with basic corporate accounting principles.
PGS in Partnership with SNL Energy seminars are known for their clear explanations and in-depth content. Register today, and join the energy professionals who have already attended one of these proven programs.