• Strong reliance on "bottom-up" company research and credit analysis.
• Face-to-face meetings with management in order to evaluate management depth, experience and credibility.
• Comprehensive review of the industry structure and the competitive environment.
• Detailed analysis of the company's ability to generate and sustain cash flow and earnings.
• Evaluation of the capital structure and collateral.
• Examination of the degree of protection given to lenders and bondholders through the debt covenants.
• Relative value considered prior to execution.