William Chew is a retired Standard & Poor’s corporate ratings analyst.
The book is a collection of 15 papers on the current challenges in sovereign debt restructuring and alternatives for resolving them. For investment analysts, it is a valuable resource of systematic analysis, insight, and data on an increasingly important topic.
Focusing on traded credit, the authors lay out the basic principles of fundamental corporate credit analysis and illustrate the key elements with recent examples. They explain why credit analysis should be focused on management rather than reported financial results. To be useful to credit analysts, financial results should be adjusted to reflect the company’s “economic behavior.” The authors also discuss common company manipulations and effective methods for dealing with these manipulations.
This comprehensive and well-documented guide for project finance should be valuable reading for project sponsors and their consultants. Also likely to benefit are investors and asset managers considering investments in infrastructure and in such capital-intensive corporate sectors as power, energy, telecommunications, resources, and transportation.
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