{
  "title": "Credit Memo: Apple Inc.",
  "date": "2026-02-13",
  "recommendation": "APPROVE",
  "executive_summary": "Borrower meets all standard covenants. Strong financial position. Note: EBITDA is shrinking (CAGR -2.5%)",
  "financial_highlights": {
    "Revenue": 383285,
    "EBITDA": 114301,
    "Total Debt": 111088,
    "Cash": 29965,
    "Net Debt": 81123
  },
  "growth_analysis": {
    "Revenue CAGR (3Y)": 2.4,
    "EBITDA CAGR (3Y)": -2.5,
    "Revenue YoY": -2.8,
    "EBITDA YoY": -12.4
  },
  "covenant_analysis": {
    "leverage_test": "PASS",
    "coverage_test": "PASS"
  }
}