Why is sellside credit research valuable?

In comparison to ER reports, credit research reports seem very bare bones. There’s hardly any commentary or insight. It’s just a bunch of models and graphs. Of the commentary that does exist, it seems like 90% is cut-and-pasted from the earnings call/prior reports.

Do clients actually find these reports useful? Do credit analysts’ publications not matter as much as equity analysts’ publications? I’m just really confused about how they add value.

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