Our most popular report. This is the right tool for larger leases or when you need a comprehensive tenant review to present to the investment or credit committee.
TRA's Standard Report provides a comprehensive overview of the tenant's credit. It includes a detailed write-up of the industry and the company's key operational and strategic drivers in addition to a robust financial review. Just like our Basic Report, the Standard Report includes TRA's entity and lease rating, rating methodology, and deal security recommendations.
The Front Page is Your Executive Summary
The cover page provides the same critical risk and deal specific information as TRA's Basic Report. A rating is assigned to both the entity and the lease, along with a summary of the rating drivers, the tenant's strengths, and the tenant's weaknesses.
TRA includes its rating grid of financial and non-financial credit metrics, along with the respective weightings, so that you have full transparency in our scoring process.
We also include a summary of the deal terms and recommended security based on the tenant's credit profile, the terms of the deal, and the relevant submarket (when applicable).
Front Page Summary
Understand the Non-financial Risks
TRA's Market Positioning section provides insights into the tenant's industry, its position relative to competitors, the key opportunities and threats to players in the sector, and the tenant's ability to execute on its strategy.
The Market Positioning section also includes details regarding the company's operations that don't fit neatly into the financial review. For example, we explore details like customer concentration and creditworthiness, intellectual property, key man risk, reputational risk, legal and regulatory risk, and fiscal policy.
While a tenant's financial metrics are critical, the company's position in the industry and the unique forces acting on it provide context to operational, liquidity and balance sheet risk.
Detailed Market Positioning
Putting Financial Metrics in Perspective
TRA's Financial Analysis section distills the company's financial statements and presents the results in a concise format without the excess noise. TRA's analysts review the company's financial statements and make all the necessary adjustments in order to calculate financial ratios and credit metrics that accurately reflect the company's operations, liquidity, and capitalization.
This section includes a discussion on historic results to ensure that the reader has a clear context on the company's past, including any material changes in control, liquidity events, organic and inorganic growth, and more.
Comprehensive Financial and Credit Analysis