2026 CFA Level II Exam: Topic 6. Fixed Income - Learning Module 29. Credit Analysis Models

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	1. Modeling Credit Risk and the Credit Valuation Adjustment explain credit scores and credit ratings; calculate the expected return on a bond given transition in its credit rating;
	2. Credit Scores and Credit Ratings explain structural and reduced-form models of corporate credit risk, including assumptions, strengths, and weaknesses;
	3. Structural and Reduced Form Credit Models calculate the value of a bond and its credit spread, given assumptions about the credit risk parameters;
	4. Valuing Risky Bonds in an Arbitrage-Free Framework interpret changes in a credit spread;
	5. Interpreting Changes in Credit Spreads explain the determinants of the term structure of credit spreads and interpret a term structure of credit spreads;
	6. The Term Structure of Credit Spreads compare the credit analysis required for securitized debt to the credit analysis of corporate debt.
	7. Credit Analysis for Securitized Debt describe credit default swaps (CDS), single-name and index CDS, and the parameters that define a given CDS product;

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