PetrusOne
A synthetic credit screen for any US-listed issuer, computed live from its SEC filings.
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How the screen works
PetrusOne pulls an issuer's most recent annual figures straight from the SEC's XBRL company-facts API — the same structured data behind every 10-K — then scores three pillars a lender cares about and blends them into a single letter grade.
The three pillars
- Leverage (40%) — Debt / EBITDA. How many years of cash earnings the debt represents.
- Coverage (40%) — EBITDA / Interest. Whether earnings comfortably clear the interest bill.
- Liquidity (20%) — Current ratio. Near-term capacity to meet obligations.
Scoring
Each pillar is placed into one of seven bands scored 0 (strongest) through
6 (weakest). The pillars are weight-blended, and the result maps back to a
band from AAA to CCC. A blended score below 3.5
falls on the investment-grade side of the scale. When an issuer doesn't report a usable
tag for a pillar, that pillar is dropped and the remaining weights are renormalised —
the sheet says so when this happens.
Known limits
- EBITDA is computed as operating income plus D&A, with no adjustments or add-backs.
- Operating leases, pensions, and off-balance-sheet obligations are not capitalised into debt.
- Banks, insurers, and REITs don't fit a corporate leverage framework and will screen oddly.
- The screen reads the last annual period only — it's a snapshot, not a trend.
- Thresholds are calibrated against observed issuers and are a point of view, not a standard.