{
  "portfolio": [
    {
      "entity_name": "TechCo Inc. (Distressed)",
      "analysis": {
        "snc_rating_model": {
          "overall_borrower_rating": "Substandard",
          "rationale": "Leverage: 6.5x, Coverage: 1.2x",
          "primary_facility_assessment": {
            "facility_type": "Term Loan B",
            "collateral_coverage": "Weak",
            "repayment_capacity": "Low"
          }
        },
        "cds_market_implied_rating": "CCC+ (Spread: 850bps)",
        "covenant_risk_analysis": {
          "primary_constraint": "Net Leverage Ratio < 6.00x",
          "current_level": 6.5,
          "breach_threshold": 6.0,
          "headroom_assessment": "BREACH DETECTED: Current leverage (6.50x) exceeds maintenance covenant (6.00x). Immediate waiver request or equity cure required."
        }
      }
    },
    {
      "entity_name": "SafeHarbor Logistics",
      "analysis": {
        "snc_rating_model": {
          "overall_borrower_rating": "Pass",
          "rationale": "Leverage: 3.0x, Coverage: 5.0x",
          "primary_facility_assessment": {
            "facility_type": "Revolver",
            "collateral_coverage": "Strong",
            "repayment_capacity": "High"
          }
        },
        "cds_market_implied_rating": "BBB- (Spread: 150bps)",
        "covenant_risk_analysis": {
          "primary_constraint": "Net Leverage Ratio < 5.50x",
          "current_level": 3.0,
          "breach_threshold": 5.5,
          "headroom_assessment": "Ample Headroom (2.50x / 45.5%). Full access to revolver and accordion features likely available."
        }
      }
    },
    {
      "entity_name": "EdgeCase Retail",
      "analysis": {
        "snc_rating_model": {
          "overall_borrower_rating": "Special Mention",
          "rationale": "Leverage: 4.8x, Coverage: 2.0x",
          "primary_facility_assessment": {
            "facility_type": "Term Loan",
            "collateral_coverage": "Adequate",
            "repayment_capacity": "Low"
          }
        },
        "cds_market_implied_rating": "B+ (Spread: 450bps)",
        "covenant_risk_analysis": {
          "primary_constraint": "Net Leverage Ratio < 5.00x",
          "current_level": 4.8,
          "breach_threshold": 5.0,
          "headroom_assessment": "Tight Headroom (0.20x / 4.0%). Any EBITDA degradation (>10%) will trigger a default event. Management likely restricted from M&A/Dividends."
        }
      }
    },
    {
      "entity_name": "Apollo Portfolio Co A",
      "analysis": {
        "snc_rating_model": {
          "overall_borrower_rating": "Special Mention",
          "rationale": "Leverage: 3.0x, Coverage: 3.0x",
          "primary_facility_assessment": {
            "facility_type": "Unitranche",
            "collateral_coverage": "Strong",
            "repayment_capacity": "Low"
          }
        },
        "cds_market_implied_rating": "B+ (Spread: 450bps)",
        "covenant_risk_analysis": {
          "primary_constraint": "Net Leverage Ratio < 6.50x",
          "current_level": 3.0,
          "breach_threshold": 6.5,
          "headroom_assessment": "Ample Headroom (3.50x / 53.8%). Full access to revolver and accordion features likely available."
        }
      }
    },
    {
      "entity_name": "Apollo Portfolio Co B (Watchlist)",
      "analysis": {
        "snc_rating_model": {
          "overall_borrower_rating": "Substandard",
          "rationale": "Leverage: 6.0x, Coverage: 1.3x",
          "primary_facility_assessment": {
            "facility_type": "Term Loan",
            "collateral_coverage": "Adequate",
            "repayment_capacity": "Low"
          }
        },
        "cds_market_implied_rating": "CCC+ (Spread: 850bps)",
        "covenant_risk_analysis": {
          "primary_constraint": "Net Leverage Ratio < 6.25x",
          "current_level": 6.0,
          "breach_threshold": 6.25,
          "headroom_assessment": "Tight Headroom (0.25x / 4.0%). Any EBITDA degradation (>10%) will trigger a default event. Management likely restricted from M&A/Dividends."
        }
      }
    }
  ],
  "generated_at": "2025-12-27T17:31:46.300832"
}