Credit rating
Fundamental analysisAn agency’s assessment of a borrower’s ability to meet debt obligations on time.
In plain terms
Free, detailed research answering the one question equity analysts skip: can this company survive?
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Fundamental analysisA reduction in a credit rating, reflecting weakened ability to service debt.
In plain terms
Raises borrowing costs at exactly the moment the company can least afford them.
Trade payables
AccountingAmounts owed to suppliers for goods and services received in the ordinary course of business.
In plain terms
Funding with no interest line, no covenant and no credit rating, and none of it appears in borrowings, net debt to EBITDA or debt-to-equity. It is repayable on demand in the only sense that matters: the supplier can stop supplying.