Full Spectrum Analysis: Powered by CredCore's first fully autonomous credit deal team.
Full Spectrum Analysis is powered by sixteen specialist agents and a Governing Agent that makes the final call, tuned to your fund's hurdle rate.
Full Spectrum Analysis is powered by a team of agents: sixteen specialists, each covering one part of the financial, legal and structural analysis of a deal, and a Governing Agent that evaluates their work, makes the final call and tunes the recommendation to your fund's hurdle rate.
Full-spectrum credit analysis is now automated by CredCore.
When a patient's case is complicated, a hospital does not hand everything to one doctor. A cardiologist reads the heart, a radiologist reads the scans, a pathologist reads the bloods, and the attending physician puts those readings together and chooses a treatment that depends as much on the patient as on the results. A credit deal team works the same way: an analyst spreads the financials, an associate reads the credit agreement and the indentures, someone models the projections and the stress cases, someone else checks the ratings and where the bonds trade, and the portfolio manager weighs all of it against what the fund needs to earn before taking a view to committee.
Software has been able to help with parts of that work for some time. A general-purpose chat model can answer a question about a covenant and an extraction tool can pull the terms out of an agreement, but neither reads the business and its documents together or knows what a particular fund needs from the deal, so the weighing has always stayed with the deal team. Full Spectrum Analysis hands all of it, the weighing included, to a team of agents that works a deal from the first document to the final call.
Running a Deal Through the Agents
Take CoreWeave, which at the end of June 2026 carried $35.6 billion of debt across 11 tranches, from SPV term loans and equipment financing to holdco senior notes and convertibles, before counting its operating leases. Three specialist agents sized the business in parallel, starting with the Industry Agent, which measured how fast the market for independent GPU clouds is growing and put CoreWeave's share of it at about a third. The Business Agent found a $103.7 billion contracted backlog that is 98% take-or-pay, and the Historical Financials Agent put adjusted EBITDA at $4.4 billion on a 58% margin.
The Capital Structure Agent then calculated leverage three ways, 5.0x on a covenant basis, 6.9x as reported and 9.0x once leases are counted, and the Projections and Liquidity Agents modelled the deleveraging path scenario by scenario. The base case falls to 4.1x by 2028, yet total debt climbs to about $75 billion in every scenario, so the deleveraging depends on EBITDA arriving as forecast. The Covenants Agent found a 17% EBITDA cushion to the revolver's 6.00x maintenance test, which means the next quarter is not the pressure point. The Credit Documents, Structures and LMEs Agents went through every escape hatch in the documents and found 18 feasible liability management exercises, including moving contracts and GPUs into new SPVs, designating unrestricted subsidiaries and priming the notes through an uptier.
How Full Spectrum Analysis Works
Full Spectrum Analysis is organised the way a deal team is. The Governing Agent sits in the portfolio manager's seat as the master orchestrator, and sixteen specialist agents cover industry, business, historical and projected financials, capital structure, covenants, compliance certificates, collateral, credit documents, structures, liability management, ratings, markets, liquidity, recovery and management. The specialists work in parallel and in concert, every finding carries the name of the agent that produced it, and the Governing Agent evaluates all of it before making the final call.
Each specialist agent reads what your team reads: the credit agreements and their amendments, indentures, intercreditor and security agreements, compliance certificates, term sheets and filings, alongside rating actions, bond quotes, credit default swap levels and the company's own guidance record. That reading rests on CredCore's credit knowledge graph, trained on $5 trillion of real credit data. It covers every deal stage, every kind of debt and the documents that come with each, from the point of view of everyone in the debt market, including asset managers, lenders, private equity sponsors, CFOs, rating agencies, bankers and lawyers.
This has become possible because every one of CredCore's products is a building block that already runs on live deals. They span the whole lifecycle, from grids and financials at evaluation, What's Market and tearsheets in negotiation, and redlining and the data room in diligence, to the closing memo at close and obligation and covenant tracking through monitoring, and each of those blocks was leading here.
A Recommendation Tuned to Your Fund
On CoreWeave, the Governing Agent set the strengths, including the take-or-pay backlog, the 58% margin, SPV debt rated up to A3 and no holdco bullet maturity until 2030, against the risks, including about $14.5 billion to raise in the next twelve months, three customers providing 72% of revenue, no J.Crew blocker in the notes and nothing recovered on the notes in a stress case. It then made the final call the way a portfolio manager would, which means the answer depended on whose money it was.
For a closed-end fund targeting high-teens gross returns, with investors who accept illiquidity and a team with an edge in restructurings, the plan was to lend now to the parent-guaranteed SPVs and to pre-approve buying one series of senior notes at a deep discount, in enough size to control its consents. For insurance capital, where the target is a spread over the capital charge and the constraint is ratings and capital treatment, the plan was A-rated, non-recourse SPV loans backed by the Microsoft and Meta contracts and repaid inside the contract term. Both passed on the holdco notes at their current price. Each recommendation arrived ready for committee, tuned to the fund's hurdle rate and house constraints.
Because every angle now arrives together and already weighed against the fund's mandate, the committee starts from a final recommendation, including on the deals the team finds hardest to call.