2023 CFA Level I Exam: Topic 6. Fixed Income - Learning Module 47. Fundamentals of Credit Analysis

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	1. Credit Risk describe credit risk and credit-related risks affecting corporate bonds; b. describe default probability and loss severity as components of credit risk;
	2. Seniority Ranking and Priority of Claims describe seniority rankings of corporate debt and explain the potential violation of the priority of claims in a bankruptcy proceeding;
	3. Credit Ratings compare and contrast corporate issuer credit ratings and issue credit ratings and describe the rating agency practice of "notching"; explain risks in relying on ratings from credit rating agencies;
	4. Credit Analysis explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis; calculate and interpret financial ratios used in credit analysis; evaluate the credit quality of a corporate bond issuer and a bond of that issuer, given key financial ratios of the issuer and the industry;
	5. Credit Risk vs. Return: Yields and Spreads describe macroeconomic, market, and issuer-specific factors that influence the level and volatility of yield spreads;
	6. Special Considerations of High-Yield, Sovereign, and Municipal Analysis explain special considerations when evaluating the credit of high yield, sovereign, and non-sovereign government debt issuers and issues.

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