As corporate risk profiles and the position of debt holders change, creditors can become subject to transition or migration risk and may find themselves ultimately holding distressed debt. The effects of a downward migration can range from a change in credit ratings to outright default or insolvency. Changes in risk profile often require renegotiation of the terms of the debt agreements, including pricing and covenants, or, in the extreme case, a complete restructuring of the debt. This course deals with the background and resolution of these types of issues and the techniques available to creditors to limit their exposure.
Moody's Analytics Professional Development
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