The foreign-exchange position table brings together a firm’s foreign-currency assets, liabilities and cash flows by currency and maturity, so that net exposure, natural hedges and the residual amount to be hedged can be seen in one frame.
Risk Management
The Foreign-Exchange Position Table and Its Use in Currency-Risk Management
Leverage Degrees in Firms and Sector-Specific Warning Points for CFOs
Leverage raises the sensitivity of EBIT and net profit to sales through borrowing and fixed costs; DOL, DFL, DCL, Net Debt/EBITDA, and interest coverage should be monitored together.
A Comparison of Credit Default Swap Spreads and Credit Rating Grades (CDS Spreads vs Ratings)
Credit default swaps (CDS) may be understood as insurance arrangements through which creditors seek protection against the risk that a borrower will fail to service its debt. This note compares market-based CDS spreads with agency credit ratings.
Credit Ratings, Creditworthiness, Debt Servicing Capacity, and Willingness to Pay
This table is designed to help students compare, both numerically and conceptually, the letter-grade notations assigned by major credit rating agencies. A subsequent note addressing CDS spreads in the same framework is planned.
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