{
  "title": "Credit Memo: Microsoft Corporation",
  "date": "2026-02-13",
  "recommendation": "APPROVE",
  "executive_summary": "Borrower meets all standard covenants. Strong financial position.",
  "financial_highlights": {
    "Revenue": 211915,
    "EBITDA": 102384,
    "Total Debt": 47204,
    "Cash": 34704,
    "Net Debt": 12500
  },
  "growth_analysis": {
    "Revenue CAGR (3Y)": 12.3,
    "EBITDA CAGR (3Y)": 12.6,
    "Revenue YoY": 6.9,
    "EBITDA YoY": 4.6
  },
  "covenant_analysis": {
    "leverage_test": "PASS",
    "coverage_test": "PASS"
  }
}