Authors Ganguin and Bilardello are both managing directors with Standard & Poors. With this book, they give a detailed introduction to credit analysis for corporate bonds. There are chapters on country risk, industry risk, business risk, financial risk and cash flow forecasting. There is information of documentation, insolvency and recovery estimation. They explain how to tie everything together to arrive at an overall credit rating. There is also a brief discussion of credit assessment within Banks under Basel II. Seven appendices provide case studies of real world credit situations.

Overall, this is an excellent book. Anyone who is new to credit analysis will find it invaluable. No other book will get you up and running like this one. The case studies at the back of the book are detailed and offer an opportunity for meaningful practice.

I also recommend the book as a reference for more experienced practitioners who occasionally work with credit issues. If you are assessing a credit, this book will make sure you don't overlook important issues.