Independent Analysis... Personalized Service

Argus Credit Research is committed to providing independent research that's both hard-hitting and free from investment banking conflicts. Moreover, unlike many larger firms, we know our clients well and are available to answer questions by phone and e-mail. Many of our clients also receive customized services designed to meet their individual needs.

A Growing Universe of Coverage

Our coverage universe has expanded steadily over the last three years and continues to grow. Today, our four full-time analysts cover close to 100 different securities in the following areas: 

 > Investment-Grade Bonds 
 > High-Yield Bonds
 > Master Limited Partnerships
 > REITs

The Argus Credit 'Early Warning System'

Our approach is straightforward: We focus on the critical inflection points that typically mark an improving or weakening credit, and often pinpoint troubled issues before the rating agencies or the broader market take notice.

Such "early warnings" can [it may not happen every time] pay for themselves many times over.

In fact, one early warning can be worth hundreds of thousands, and even millions, of dollars to a professional fixed-income manager or broker dealer. While it takes many good ideas to build a strong portfolio, we recognize that a single deteriorating credit -- if not recognized early -- can wipe out a year of excellent returns. 

Challenging the Conventional Wisdom

We view companies as more than sets of numbers and thus pay close attention to each firm's industry environment, management quality (including the often-ignored middle management ranks), accounting practices, and legal issues. Of course, we also study the firm's financial statements to assess sales and earnings trends, balance sheet metrics, free cash flow, and the ability to service debt. In each case, we look carefully at the footnotes to uncover potential problems before they make the headlines.

In many cases, our research challenges the conventional wisdom about such issues as acceptable levels of corporate debt, the usefulness of agency ratings, the impact of equities on bonds, and the relationship between "high yield" and "high risk."

Since our goal is to provide high-quality independent research for our clients, we¡¯re not afraid to issue a SELL recommendation when appropriate.

Custom Services

In addition to our conference calls and web-based research reports, we offer clients a wide variety of custom services. These include:

 > Analysis of specific securities selected by clients. 
 > Ongoing review and monitoring of individual fixed-income portfolios. 
 > Development of fixed-income products to meet specific customer needs. 
 > Assessment of bankruptcies and distressed debt, with a focus on gauging the 
    probability of a Chapter 11 filing and the likelihood of post-bankruptcy recovery. 
 > Evaluation of limited public debt, private debt, and other unusual credits.

Full Website Access -- Plus the Benefits of Argus Equity Research

All Argus Credit Research reports are available on our website and accessible through a personal ID and password. Our website includes a full archive of our research on high-yield and investment-grade corporate bonds, master limited partnerships, and other securities.

Our clients also have access to The Argus Research monthly conference call as well as to a range of other Argus publications, including the daily Market Watch, Economy at a Glance, Viewpoint, and Fixed-Income Strategy.

 > Principals