How do you financially analyze an investment grade corporate bond?
These companies rarely ever default so how would you analyze them?
Given that you're not in operational control of the company, how do you forecast thewith the effect of the debt on it? If it's to refinance debt, I imagine it is simple, but what if it is to invest in CapEx and R&D - how would you reflect that on future earnings?
What tools do you commonly use? Which metrics and ratios? Whichare you interested in? Do you care to do a debt waterfall, even though you are senior secured?