a. explain probability of default, loss given default, expected loss, and present value of the expected loss and describe the relative importance of each across the credit spectrum;

d. explain structural models of corporate credit risk, including why equity can be viewed as a call option on the company's assets;

e. explain reduced form models of corporate credit risk, including why debt can be valued as the sum of expected discounted cash flows after adjusting for risk;

f. explain assumptions, strengths, and weaknesses of both structural and reduced form models of corporate credit risk;

d. explain structural models of corporate credit risk, including why equity can be viewed as a call option on the company's assets;

e. explain reduced form models of corporate credit risk, including why debt can be valued as the sum of expected discounted cash flows after adjusting for risk;

f. explain assumptions, strengths, and weaknesses of both structural and reduced form models of corporate credit risk;