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Golin and Delhaise divide credit analysis into four areas according to borrower type:

●Consumer credit analysis is the evaluation of the creditworthiness of individual consumers;

●Corporate credit analysis is the evaluation of nonfinancial companies such as manufacturers, and nonfinancial service providers;

●Financial institution credit analysis is the evaluation of financial companies including banks and nonbank financial institutions, such as insurance companies and investment funds;

●Sovereign/municipal credit analysis is the evaluation of the credit risk associated with the financial obligations of nations, subnational governments, and public authorities, as well as the impact of such risks on obligations of nonstate entities operating in specific jurisdictions.

●According to Golin and Delhaise, each of the following is true about key features of credit analysis with respect to borrower type, except which is not true?

AIndividuals (consumers): Credit analysis is amenable to automation and the use of scoring models and statistical tools to correlate risk to limited number of variables

BNon-financial corporations: Compared to consumers, tends to be more detailed and "hands-on" (i.e. less automated); key variables are likely to include liquidity, cash flow, near-term earnings capacity and profitability, solvency or capital position

CFinancial Companies: In contrast to corporate (non-financial) credit analysis, qualitative analysis and asset quality are not important, but cash flow is a highly important (a "key indicator")

DSovereigns: Includes analysis of country risk, which is primarily political dynamics and state of the economy; and systematic risk, which includes the regulatory regime and the financial system

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