Perform credit underwriting analysis for a corporate issuer: 1. Business Risk Profile: - Industry risk (cyclicality, disruption threat, regulatory) - Competitive position (market share, cost position, diversification) - Geographic concentration - Customer/supplier concentration 2. Financial Risk Assessment: - Leverage: Debt/EBITDA (gross and net) - Coverage: EBITDA/Interest, FFO/Debt - Liquidity: Current ratio, revolver availability - Free cash flow generation and variability 3. Cash Flow Analysis: - EBITDA margin trend (5 years) - FFO and capex patterns - Working capital cyclicality - Dividend/distribution policy 4. Debt Structure Review: - Maturity profile and wall - Secured vs. unsecured breakdown - Floating vs. fixed rate mix - Covenant package analysis - Springing liens or other triggers 5. Stress Scenario: - Revenue decline tolerance - EBITDA decline tolerance - Liquidity runway in stress - Asset coverage in liquidation 6. Relative Value: - Spread vs. rating category - Spread vs. comparable issuers - Curve positioning Output: Credit rating recommendation, spread target, and key monitoring metrics.