Verified Credit Watch — analyst pilot

Open Advanced / Investigate → Credit Watch. Choose a reporting group, inspect its financial evidence, review source-supported operating relationships, and prepare an explicit sensitivity or a source-linked review note.

Coverage and identity

The first release supports twenty U.S.-listed reporting groups:CHTR,LUMN,NXST, CCL,NCLH,AAL,CZR,MGM,HCA,THC,CYH,DVA,OGN,NRG,VST,BALL,OI,GT,DXC,STX. These are pilot research selections, not an assertion of current agency rating category. Reporting groups, borrowers, subsidiaries and guarantors are separate legal entities. SEC CIK identity is checked against Company Facts and submissions. The exact ticker is checked against the submissions record. LEIs are not guessed from similar names. If Company Facts labels a different entity, the profile uses exact-CIK inline filing facts and shows the identity reconciliation issue.

Public evidence is read through ordinary SEC requests, with a six-hour source cache, coalesced issuer reads and bounded parsing. First reads can take longer. Refresh reads the available source selection; it does not force the SEC to publish new data. Source failures may retain a clearly dated prior profile. Only two issuer loads run concurrently. Upstream source dates, filing dates, accounting periods, retrieval times and analyst review times retain different meanings.

Financial evidence

The financial table exposes complete values, original periods, source state, definitions and evidence actions. Evidence & actions opens the original filing or Company Facts source, complete calculation components and analyst review form. Put field in Pro Brief uses the exact source field identity. Set source alert opens the existing native alert editor; save/enable is an explicit action.

Numeric inline facts require the exact reporting CIK, supported USD units and transformations, and dimension-free reporting context. Unsupported, conflicting, missing or stale facts remain qualified. Filing-level reads can supply a newer reporting period than a lagging Company Facts selection. SEC tag names are case-sensitive, including InterestExpenseNonoperating.

Debt aggregates are not added to their own current/noncurrent components. Missing short-term borrowing or lease components do not become zero. Reported long-term debt is available as a separately labelled basis when total borrowing scope is incomplete. Gross interest expense, signed net interest and cash interest paid are separate measures. Facility amounts retain their source definition and may have draw conditions or restrictions.

Trailing flows use a reported annual period, or comparable latestYTD +priorfiscalyear −priorYTD, with the same reporting CIK, currency, concept and compatible periods. Individual component filings and restatement vintages remain available. Operating income plus reported D&A/depletion/accretion is an unadjusted accounting proxy, not issuer-adjusted or covenant EBITDA. No quarter-times-four annualization is used. No rating, default probability or synthetic CDS spread is produced by this workspace.

Exposures and review

1. Open Issuers → Filings & source passages.
2. Search a literal topic, facility, entity or commodity.
3. Open the original filing and inspect the context.
4. Choose Propose relationship. Enter a target name appearing in the exact quotation, relationship type, scope, uncertainty and review-expiry date.
5. Save the proposal, then use Review relationship for a separate analyst decision.

The server resolves the source passage and checks the quotation. That does not automatically verify the analyst's relationship interpretation. Proposed, analyst-reviewed, disputed, expired and source-review-due are distinct. Optional country context is analyst-selected, not inferred facility geography. Reviewed relationships expire at the chosen review date, within one year. A new source selection can require renewed source review. There are at most300 saved relationships per account. No undisclosed suppliers, operating shares or asset ownership are invented from geographic proximity or similar names.

Source search returns up to100 matching excerpts per selection, each at most2000 characters. Narrow the query or open the original filing for complete context. Document fingerprints, filing dates and parsed section positions are retained. Custom numeric concepts remain source fields until their meaning is reviewed.

Attention and native monitoring

Attention combines the selected issuer's exact-CIK filing metadata, explicit financial evidence gaps, linked native inbox items, and context matching against analyst-reviewed exposure relationships. The external pool uses bounded retained reports/observations and ordinary outage/hazard reads. Each source has its own clock, lifecycle and coverage. At most200 exposure-context matches are presented. Text/country associations are review candidates, not confirmed issuer impacts. Planned, resolved, stale or corrected source records remain identified.

Record review supports relevant, already-known, irrelevant, wrong-issuer, needs-corroboration and resolved dispositions. A changed fingerprint returns the item to unreviewed status while preserving the prior review reference.

Set exposure watch opens the native subject-news editor. Set source alert opens native threshold/material-change/staleness monitoring for the selected field. Saved watches use My Watchtower → Inbox and its existing source baselines, cooldowns, deduplication and access gates. The existing maximum20watches/account and shared10deliveries/day budget apply. Review the remaining capacity before choosing monitors. Selecting a company or creating an exposure does not enable notifications by itself. First healthy observations establish a baseline.

Transparent scenarios

The scenario is a one-year analyst sensitivity with explicit assumptions. Choose the debt basis and review the source baseline. Missing inputs can be supplied only as labelled analyst overrides with a definition, explanation and compatible period. Stock overrides use the selected reporting date; flow overrides require a stated annual/trailing period. All amounts are USD; no silent currency conversion occurs.

• EBITDA′ = baseline EBITDA × (1 + assumed change%) −extraoperatingcosts +mitigation.
• Incremental annual interest = assumed unhedged principal ×netapplicableratechange in basispoints /10,000. The rate assumption should reflect hedges, floors and caps.
• Debt′ = selecteddebtbasis +newborrowing −principalrepayment.
• Cash at horizon = baselinecash +baselinetrailingfreecashflow +EBITDAchange ×assumed cashconversion −incrementalinterest −extracapex +borrowing −repayment.

Baseline free cash flow already contains its original interest cash effects; only incremental interest is subtracted again. A zero assumption must be entered explicitly. Blank repayment withholds repayment-dependent results. Missing inputs and nonpositive ratio denominators produce unavailable/not-meaningful results. This is not a calibrated forecast, rating migration estimate, loss estimate or covenant compliance conclusion.

Preview sensitivity exposes inputs/formulas; Save this sensitivity retains a frozen baseline, assumptions, formula version and fingerprint. Up to100 scenarios can be retained. Old scenarios remain dated research and do not silently refresh.

Review notes, sharing and export

Review Notes captures the question, assessment, unresolved issues, contradictory evidence and optional saved sensitivity. Save review and dated edition writes the working document through native versioned War Room cases and stores an immutable credit edition. Open native case / sharing uses existing recipient- specific viewer/editor grants, expiry and revocation. This pilot is account-private with explicit case sharing; it is not a team-owned monitoring queue.

Export the dated Markdown review or complete JSON edition. Source citations, original periods, analyst assumptions and fingerprints accompany the export. Twenty credit editions are retained; export/remove an older edition before exceeding the bound. Native case capacity is30/account. Scenario/edition deletion does not silently replace another saved item. Account deletion removes the new private state through the existing deletion barriers.

Optional credit-pilot measurements

Opt in through Pilot measurements. Explicitly start an issuer-review task under either Existing workflow or Credit Watch, then record completed, helped, blocked or skipped. Only independently completed tasks contribute to the displayed median. Record whether reviewed items are additional to the existing workflow. Unreviewed items are not negative outcomes.

Measurements and exports belong to the signed-in account. Withdraw to erase the credit-pilot measurements. They are self-reported workflow evidence, distinct from generic product usability tests and prospective predictive validation. Engineering qualification is not a completed human analyst study or proof of lead-time advantage. The activity view shows the latest100 entries from at most 2000 retained account-private credit activity entries.

Access, troubleshooting and integration

Professional Advanced access and a verified account are required. Account change, logout, replay or access loss clears old private selections and rejects late writes. Native cases and alerts retain their own access checks. Public evidence and source metadata are separate from private notes, relationships, scenarios and feedback.

If a save reports a revision conflict, reload the account state and compare before saving again. If the source snapshot changes, inspect the new evidence. Missing figures may reflect a scope, tag, currency, period, freshness or provider gap. Use the original source and visible gap reason; do not assume a missing value is0.

Reviewed public source: /agent/api/credit-issuer-evidence (issuer, catalog, sections, facts). It accepts only supported pilot symbols and bounded source selectors. MCP/catalogue access includes this public evidence, not private Credit Watch state. Public-source availability does not grant redistribution rights to third-party/licensed material. Attribution and original filing links are retained.