Objective

The client wanted research support for the Private Debt team, which had coverage of 70+ companies.

CRISIL's Solution

• CRISIL GR&RS assigned two credit analysts to build and maintain detailed company models with historical data.
  
• The CRISIL team provided key support in pre-investment credit evaluation and due diligence, preparing detailed company/industry reports analyzing the key risks.
  
• Prepared presentations/investment recommendation for new issuances and supported maintenance of coverage for existing credits.
  
• Built detailed credit models with adjustments for off-balance sheet items.
  
• Updated the models with reported actual monthly/quarterly numbers and compared with company budgets – analyzed reasons for differences.
  
• Prepared short updates on monthly/quarterly results comparing the actual performance vs budgeted results.
  
• Models were forecast with different scenarios – Base Case/Management Case/Worst Case.
  
• Prepared detailed capital structure tables evaluating leverage at various levels: senior/secured loans/unsecured/PIK/mezzanine debt.
  
• Discussed cases with PMs before investment committee meetings, highlighting the key credit strengths & weaknesses.
  

Client Impact

• CRISIL GR&RS team worked as an extended arm of the client, supporting in all the tasks across the value chain.
  
• Client expanded coverage from 40 to 70 credits per analyst and also increased the team size.
  

Questions

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