Whereas Module 3 covered performance analysis generally with a profit focus, Module 4 covers credit risk analysis specifically. After reading the module, you will discover that analyzing from a creditor decision-making perspective is not that different from an equity-perspective analysis. Particularly, such decisions are based on being able to assess the amount, timing, and uncertainty of future cash flows. Given the general valuation context for these decisions, the consistency in analysis structure is not surprising. However, while the analysis model and informational needs are basically the same, the creditor focus is a little bit different. In addition to continuing to discuss the importance of our analysis scheme that disaggregates ROE into operating and non-operating components (as well as deeper levels) to the credit-based decision maker, let's also focus on the significance of some of the component ratios particularly in the credit context. Further, let's discuss the main differences in concerns and outlooks of credit market decision makers relative to equity market decision makers.