Credit Research
Public & Private Credit — Understanding Downside Before Underwriting Return
Strong credit work requires more than calculating leverage and coverage. It requires an understanding of cash conversion, liquidity, capital structure, refinancing needs, covenant flexibility and how the business behaves when conditions weaken.
Approach & Methodology
Asterion supports public debt and private credit investors with issuer-level and sector-level analysis for new underwriting decisions, relative-value assessment and ongoing portfolio monitoring.
Our credit research support is structured around the key question for lenders and fixed-income investors: what could impair repayment capacity, and how much protection exists if the base case does not hold?
We analyze debt tranches, structural subordination, asset collateral coverage and covenant headroom across direct lending, syndicated loans, mezzanine and high-yield instruments.
Workflows & Analytical Scope
Our support can be configured around specific questions or embedded within existing client coverage routines:
Key Questions We Address
Typical Deliverables
- Issuer credit tear-sheets and risk dashboards
- Debt waterfall and recovery analysis models
- Covenant compliance and sensitivity tracking grids
- Comprehensive credit underwriting committee memoranda
- Quarterly debt portfolio surveillance summaries
Accelerate Your Credit Workflows
Connect with our research team to structure an engagement around your specific transaction or coverage requirements.