2025 CFA Level II Exam: Topic 6. Fixed Income - Learning Module 29. Credit Analysis Models

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	1. Modeling Credit Risk and the Credit Valuation Adjustment explain expected exposure, the loss given default, the probability of default, and the credit valuation adjustment;
	2. Credit Scores and Credit Ratings explain credit scores and credit ratings; calculate the expected return on a bond given transition in its credit rating;
	3. Structural and Reduced Form Credit Models explain structural and reduced-form models of corporate credit risk, including assumptions, strengths, and weaknesses;
	4. Valuing Risky Bonds in an Arbitrage-Free Framework calculate the value of a bond and its credit spread, given assumptions about the credit risk parameters;
	5. Interpreting Changes in Credit Spreads interpret changes in a credit spread;
	6. The Term Structure of Credit Spreads explain the determinants of the term structure of credit spreads and interpret a term structure of credit spreads;
	7. Credit Analysis for Securitized Debt compare the credit analysis required for securitized debt to the credit analysis of corporate debt.

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