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Fundamentals of Credit and Credit Analysis: Corporate Credit Analysis Paperback – January 14, 2015

by Mr Arnold Ziegel (Author), Dr Ronna Ziegel (Contributor)
4.0 out of 5 stars 172 ratings
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Arnold Ziegel formed Mountain Mentors Associates after his retirement from a corporate banking career of more than 30 years at Citibank. The lessons learned from his experience in dealing with entrepreneurs, multinational corporations, highly leveraged companies, financial institutions, and structured finance, led to the development and delivery of numerous senior level credit risk training programs for major global financial institutions from 2002 through the present. This book was conceived and written as a result of the development of these courses and his experience as a corporate banker. It illustrates the fundamental issues of credit and credit analysis in a manner that tries to take away its mystery. The overriding theme of this book is that when an investor extends credit of any type, the goal is “to get your money back”, and with a return that is commensurate with the risk. The goal of credit analysis is not to make “yes or no” decisions about the extension of credit, but to identify the degree of risk associated with a particular obligor or a particular credit instrument. This is consistent with modern banking industry portfolio management and the rating systems of credit agencies. Once the “riskiness” of an obligor or credit instrument is established, it can be priced or structured to match the risk demands or investment criteria of the entity that is extending the credit. A simple quote from Mr. J. P. Morgan is used often in this text - “Lending is not based primarily on money or property. No sir, the first thing is character”. This statement represents one of the conflicts in modern credit analysis – that of models for decision making versus traditional credit analysis. The 2008 financial crisis was rooted in the mortgage backed securities business. Sophisticated models were used by investors, banks, and rating agencies to judge the credit worthiness of billions (and maybe trillions) of dollars worth of residential mortgage loans that were packaged into securities and distributed to investors. The models indicated that these securities would have very low losses. Of course, huge losses were incurred. Mr. Morgan had a good point. In this case is was both property and character. The properties that were the collateral for many of the mortgages had much less value than was anticipated. The valuation of the collateral was naïve and flawed. Many assumptions were made that the value of homes would rise without pause. Many mortgage loans were made that were at or even above the appraised value of a residence.But character was a huge, perhaps larger, factor behind these losses. Many of the residential mortgage loans were made to individuals who knew that they did not have the income to make the required payments on the mortgages. Many of the mortgage brokers and lenders who made these loans also knew that many of the borrowers were not properly qualified. And, many of the bankers who securitized these loans also may have doubted the credit quality of some of the underlying mortgages. If bankers and rating agencies understood the extent of the fraud and lax standards in the fundamental loans backing the mortgage securities, or were willing to acknowledge it, the fiasco would not have occurred.
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  1. Print length
    137 pages
  2. Language
    English
  3. Publication date
    January 14, 2015
  4. Dimensions
    6 x 0.31 x 9 inches
  5. ISBN-10
    1507727631
  6. ISBN-13
    978-1507727638
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Product details

  • Publisher ‏ : ‎ CreateSpace Independent Publishing Platform (January 14, 2015)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 137 pages
  • ISBN-10 ‏ : ‎ 1507727631
  • ISBN-13 ‏ : ‎ 978-1507727638
  • Item Weight ‏ : ‎ 6.9 ounces
  • Dimensions ‏ : ‎ 6 x 0.31 x 9 inches
  • Customer Reviews:
    4.0 out of 5 stars 172 ratings

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4 out of 5 stars
172 global ratings

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Customers say

Customers find the book informative, serving as a good introduction for novice analysts and covering the basics of corporate credit analysis. However, the content quality receives mixed feedback, with several customers noting issues such as typos, repetitive paragraphs, and lack of structure.

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17 customers mention "Information quality"17 positive0 negative

Customers find the book informative and concise, serving as a good introduction for novice analysts, with one customer noting it's not intimidating for aspiring Credit Analysts.

"...This short, yet powerful book, is about getting back to the basics with an emphasis on free cash flow...." Read more

"...It may serve as an introduction for novice analysts and as a refresher for seasoned lenders – a guide that gets back to the basics of fundamental..." Read more

"Simply put, I love this book! It is an excellent primer on credit and credit analysis, relatively concise and it covers the fundamentals...." Read more

"...Book did give good terminology." Read more

7 customers mention "Content"7 positive0 negative

Customers find the content of the book powerful, with one customer noting it contains many gems.

"...There are many gems in this book, including "accounting profits are not the same as cash." If you get one thing from this book remember, “..." Read more

"Good book as title suggest" Read more

"Good book for getting your feet wet in credit analysis. First book I read regarding this topic, wish it talked about more day to day operations...." Read more

"...Not sure though. Good book overall." Read more

9 customers mention "Content quality"0 positive9 negative

Customers criticize the book's content quality, noting issues with typos, repetitive paragraphs, and lack of structure.

"...However, there were several typos/errors in the text, which left me questioning its credibility. Who publishes a book with typos!?..." Read more

"The book has a lot of repetitive paragraphs and is poorly written. The content of what the author is trying to teach is good...." Read more

"...to read and riddled with errors and a lot of the information in each chapter was redundant...." Read more

"...There are egregious and consistent grammatical errors, no page numbers, and massive disorganization of content within chapters...." Read more

Inaccurate information
1 out of 5 stars
Inaccurate information
After reading the first few pages of this book, I began to question its credibility. I found mispelled words and missing parts to financial statements. This book seems to be a form of advertisement to promote a consulting company. Disapointed in the quality.
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Top reviews from the United States

  • Patient Capital
    5.0 out of 5 stars Free cash flow never goes out of style--many hidden gems in this short, but powerful book.
    Reviewed in the United States on March 19, 2017
    Verified Purchase
    The Fundamentals of Credit and Credit Analysis is not a nuts-and-bolts book for credit and financial analysis. There are plenty of books that will provide a deep dive into financial spreading, ratios, and the calculations to perform credit analysis. This short, yet powerful book, is about getting back to the basics with an emphasis on free cash flow. When the reader understands the importance of free cash flow, a new world will open up in working with small and large businesses. There are many gems in this book, including "accounting profits are not the same as cash." If you get one thing from this book remember, “never lend short, where you wouldn't lend long.”
    One person found this helpful
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  • M. Michalski
    4.0 out of 5 stars Concise book on the (often forgotten) fundamentals of sound corporate credit analysis
    Reviewed in the United States on October 16, 2015
    Verified Purchase
    It is a concise by quite readable and informative book on the basics of corporate credit analysis. It may serve as an introduction for novice analysts and as a refresher for seasoned lenders – a guide that gets back to the basics of fundamental credit analysis. Although you won’t find here a detailed description of different types of credit instruments or specific analytical tools (ratios, differences in lending rationales behind the generic types of loans – seasonal, permanent WC loans, term loans, the way you use free cash flow to ascertain the capacity to repay, etc.), you will be reminded the fundamental principles of a sound credit culture which sometimes get lost among the often pseudo-scientific mathematical models some lenders use in place of, not as an addition to the fundamental credit analysis of each obligor. Dear Mr. Ziegel – I am looking forward to another book of yours where you could continue the journey to the credit analysis land and expand the topics of analytical tools / approaches, different credit analysis aspects of different types of loans depending on the needs being financed (seasonal and permanent WC needs, investment loans, etc.) and include the common dilemmas as e.g. how to cope with the fact that lenders often do not expect repayment of loans (usually WC loans) as long as the borrower remains sound and has the capacity to repay but demand repayment as soon as the client deteriorates and potentially loses the repayment capacity, thus using their "licence to kill".
    5 people found this helpful
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  • Folu Owolabi
    5.0 out of 5 stars Excellent primer on Credit and Credit Analysis - A great buy!
    Reviewed in the United States on November 28, 2016
    Verified Purchase
    Simply put, I love this book! It is an excellent primer on credit and credit analysis, relatively concise and it covers the fundamentals. I purchased the book after making a significant career shift into credit risk management and needed a book that could help me learn/review the basics, and string my knowledge into a coherent framework for analysis. This book helped me make that deep-dive into credit risk management,.. without drowning! I am now on my 2nd reading, and hope Arnold Ziegel writes a sequel to the book, perhaps (Intermediate and Advanced), and possibly industry-specific analysis e.g. Credit Analysis of Oil and Gas Firms
    2 people found this helpful
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  • A
    3.0 out of 5 stars Typos!?
    Reviewed in the United States on August 4, 2017
    Verified Purchase
    I was looking for a good, basic overview of the subject, and maybe this is it? However, there were several typos/errors in the text, which left me questioning its credibility. Who publishes a book with typos!? It seems kind of unprofessional to me. If I already had basic grasp of the subject, I might have been able to look past the unpolished text and find some useful information to expand my current understanding. But without the benefit of that knowledge base, I found it difficult to accept the material as true and accurate when it seems like it was never even proofread. For that reason, this book was not particularly helpful to me. However, as I mentioned, I have little experience with the subject, so I can't make any judgments about the value or accuracy of the information presented.
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  • Reader77
    5.0 out of 5 stars Good book and as title suggests
    Reviewed in the United States on March 17, 2022
    Verified Purchase
    Good book as title suggest
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  • Thomas Young
    2.0 out of 5 stars Good Content but Poorly Written
    Reviewed in the United States on May 8, 2020
    Verified Purchase
    The book has a lot of repetitive paragraphs and is poorly written. The content of what the author is trying to teach is good. The book would be so much better if it was written and edited correctly.
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  • Kevin Gendron
    4.0 out of 5 stars Overall good
    Reviewed in the United States on May 22, 2021
    Verified Purchase
    Good book for getting your feet wet in credit analysis.
    First book I read regarding this topic, wish it talked about more day to day operations. Book did give good terminology.
    Helpful
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  • Callan McGary
    1.0 out of 5 stars Out of Date
    Reviewed in the United States on January 12, 2024
    Verified Purchase
    Decent for the basics but its obvious the author has been out of the game for too long. Newer books would provide more up to date information and serve you better.
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Top reviews from other countries

  • Dinia Assil
    5.0 out of 5 stars One of the Best book of Finance I ever read
    Reviewed in France on June 24, 2017
    Verified Purchase
    French, I will make some efforts to comment in English cause I think Ziegel's book deserve to be known.

    This Book is amazing. All is made simple and clear. Everyone know that theoretical concepts of finance are not easy to handle. By reading this book you really will understand the FUNDAMENTALS of so many IMPORTANT concepts. It is not only related to Credit Analysis, but all financial concepts you need to understand in order to perform well in Credit Risk analysis.

    Incredible explanations of corporate finance basis! Impossible to let any doubt in your mind after having read this book

    Everyone of you that is looking for a starting point should buy this book. A great work, I have great respect for this kind of book, cause it help you to understand and improve your skills in a powerful manner.

    The (kindle) price of this book is nothing compared to his VALUE.
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  • Cliente Amazon
    2.0 out of 5 stars Too shallow
    Reviewed in Brazil on August 14, 2020
    Verified Purchase
    The book is repetitive and shallow. It mentions how things are done or should be done, but doesn't explain how to perform those analysis. And it has only 2008 examples. Or Enron.
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  • dasKrache
    2.0 out of 5 stars It’s ok
    Reviewed in the United Kingdom on September 18, 2022
    Verified Purchase
    He repeats himself a lot. Though, there is some good information it’s very annoying to read. - Four more words.
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  • Terence M. Yhip
    2.0 out of 5 stars like cash flow ad nauseam
    Reviewed in Canada on November 10, 2016
    Verified Purchase
    Boringly repetitious, not helpful to someone looking for tools and techniques, and unsubstantiated calculations for Disney in Chapter 7 - The Process of Credit Analysis. It seems the author used his power point slides and added a bit of details, like cash flow ad nauseam. This is not a text book but a long and repetitive essay, and not worth the price. The pages are unnumbered and there is no index. An opening statement like: "Credit Analysis is an Art, not a Science" is a precursor of what's in store. That said, it gives a broad brush overview of credit analysis.
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  • Vivek Krishna
    2.0 out of 5 stars Better to avoid!
    Reviewed in India on June 20, 2020
    Verified Purchase
    The book really disappointed me in terms of the lack of detailed coverage on expected concepts. Not at all advisable for a practitioner, neither for a fresher! Lots of repetition as well and very poor formatting.
    Report