Michael Wilkins, Ratings Analyst

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8.30am: Arrive at work and check emails from Australia and Hong Kong. Most of New York and San Francisco e-mails dealt with the night before from home.

8.40am: Notice that a major FTSE 100 transportation company I follow has announced a profits warning due to poorer than expected trading. Download news stories from NewsEdge and directly from company's own press service. Send email to S&P's transport core committee members to alert them of the news.

8.50am: Call company in question and speak to group treasurer. Have 10-minute conversation about the implications of the profits warning on its credit profile. Agree to have follow-on discussion at 10am with finance director via conference call. Looks like a rating action may not be required. Answer a couple of calls from investment bank analysts and traders on our view of the company's announcement.

9am: Team meeting with other analysts in the S&P infrastructure finance ratings group. Update on upcoming issues, new rating assignments, work in progress etc. Alert the team as to the FTSE company's profits warning. General reaction is that it will not be necessary to place the company on CreditWatch (S&P's designation to indicate that we are closely monitoring a company following any announcement that may change its rating status). However, we will await conversation with company's finance director before confirming.

9.30am: Meeting with investment bank regarding new toll road project in Portugal. Discuss timing, fees and main information requirements for obtaining a rating. 10am: Conference call with company which issued profits warning. Finance director talks me through the cashflow and debt implications. Generally agree that no CreditWatch action warranted this time, but warn that we will monitor situation very closely.

11am: Meeting with investment bank to go over some financial modelling issues regarding a new airport rating in the UK.

12pm: Lunch with a major UK institutional investor to discuss a recent railway leasing project financing bond issue. Discuss the major credit issues of the deal which is currently in pre-marketing stage.

1.30pm: Global conference call with the S&P infrastructure finance ratings network to discuss the month's hot topics.

2.30pm: Internal rating committee for a new power plant in the UK. Analysts from New York, Paris, Stockholm and London participate.

3.45pm: Assist the lead S&P analyst on the power plant project in communicating the outcome of the rating committee to the prospective bond issuer and financial advisers. Help him draft a press release.

4pm: Return phone calls to investors, investment bankers and others which have mounted up during the day. Reply to New York e-mails.

5pm: Spend a few minutes with regional practice leader to update him on new deals and rating committee outcome. Discuss timing of press release issue for new power plant rating.

5.30pm: Finish off some e-mails and correspondence.

5.45pm: Head off home.

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