Dashboard › Demo Universe › Ridgeline Infrastructure Services
Ridgeline Infrastructure Services · RDGL
DEMO DATAUNDERWRITING ASSUMPTIONHOLDCredit metrics — FY2025A
DEMO DATA inputs · CALCULATED metrics| Metric | Value | Formula | Raw inputs used |
|---|---|---|---|
| Total debt | $1.6B | Σ tranche principal (face value) | debt=1580.0 |
| Net debt | $1.5B | Total debt − cash | debt=1580.0 · cash=90.0 |
| Gross leverage (Debt / EBITDA) | 4.18x | Total debt ÷ EBITDA | debt=1580.0 · ebitda=378.0 |
| Secured leverage | 2.33x | Secured debt ÷ EBITDA | secured=880.0 · ebitda=378.0 |
| Net leverage | 3.94x | Net debt ÷ EBITDA | netDebt=1490.0 · ebitda=378.0 |
| Interest coverage (EBIT / interest) | 2.79x | EBIT ÷ interest expense | ebit=304.5 · interest=109.2 |
| EBITDA / interest | 3.46x | EBITDA ÷ interest expense | ebitda=378.0 · interest=109.2 |
| FCF / debt | 7.9% | Free cash flow ÷ total debt | fcf=125.0 · debt=1580.0 |
| Debt service coverage | 2.09x | (EBITDA − capex − taxes) ÷ (interest + mandatory amortization) | ebitda=378.0 · capex=84.0 · taxes=48.8 · interest=109.2 · amort=8.0 |
| Cash conversion | 77.8% | (EBITDA − capex) ÷ EBITDA | ebitda=378.0 · capex=84.0 |
| Liquidity ratio | 2.65x | (Cash + undrawn revolver) ÷ (debt due next period + amortization + interest) | liquidity=310.0 · stObl=117.2 |
| Current ratio | 1.64x | Current assets ÷ (current liabilities ex-debt + debt due next period) | currentAssets=640.0 · curLiab=390.0 |
| Short-term debt / liquidity | 0.00x | Debt due next period ÷ (cash + undrawn revolver) | std=0.00 · liquidity=310.0 |
Credit scorecard — deterministic, auditable
Score 80.9 / 100 · Low| Factor | Measure | Value | Best | Worst | Points | Max | Proj. base | Proj. downside | Proj. severe |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | Net debt / LTM EBITDA | 3.94 | 2 | 7 | 9.2 | 15 | 10.7 | 8.0 | 3.1 |
| Coverage | LTM EBITDA / interest expense | 3.46 | 5 | 1 | 9.2 | 15 | 9.8 | 6.1 | 2.9 |
| Liquidity | Cash + undrawn revolver vs next-period obligations | 2.65 | 2 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Free cash flow | LTM FCF / total debt | 0.08 | 0.12 | -0.02 | 7.1 | 10 | 8.0 | 6.1 | 4.2 |
| Maturity risk | Share of debt maturing within 3 periods | 0.00 | 0 | 0.5 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Margin stability | Std-dev of annual EBITDA margin | 0.00 | 0.01 | 0.05 | 10.0 | 10 | 10.0 | 10.0 | 10.0 |
| Revenue stability | Std-dev of annual revenue growth | 0.01 | 0.03 | 0.15 | 8.0 | 8 | 8.0 | 8.0 | 8.0 |
| Asset coverage | Asset base / total debt | 1.65 | 2 | 0.6 | 9.0 | 12 | 9.0 | 9.0 | 9.0 |
| Industry risk | Sector factor (config.ts) | 0.85 | 1 | 0 | 8.5 | 10 | 8.5 | 8.5 | 8.5 |
| Total | 80.9 | 100 | 83.8 | 75.7 | 65.7 | ||||
Why did the score change?
FY2024A (same capital structure) → FY2025A: 79.9 → 80.9
- ▲ Net leverage fell from 4.2x to 3.9x (+0.7 pts, positive)
- • Interest coverage broadly stable at 3.5x
- • Liquidity ratio broadly stable at 2.6x
- ▲ FCF / debt increased from 7.4% to 7.9% (+0.3 pts, positive)
- • Near-term maturity share unchanged at 0%
- • Margin volatility unchanged at 0.2 pts
- • Revenue volatility unchanged at 0.8 pts
- • Asset coverage unchanged at 1.65x
- • Industry risk factor unchanged at 0.85
Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.
Covenant analysis
Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.
Base Case: no breachDownside: no breachSevere Downside: 5 failed tests; first breach FY2026E
Maximum net leverage UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
| FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
|---|---|---|---|---|---|
| Current metric | 4.33x | 4.38x | 3.92x | 3.46x | 3.01x |
| Covenant | ≤ 5.50x | ≤ 5.50x | ≤ 5.50x | ≤ 5.50x | ≤ 5.50x |
| Headroom | 1.17x (21%) | 1.12x (20%) | 1.58x (29%) | 2.04x (37%) | 2.49x (45%) |
| Status | PASS | PASS | PASS | PASS | PASS |
Projected credit metrics by scenario
ANALYST PROJECTION| Scenario | Metric | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|
| Base Case | Net debt / EBITDA | 3.4x | 2.9x | 2.4x | 1.9x | 1.4x |
| EBITDA / cash interest | 3.6x | 4.1x | 4.4x | 4.7x | 4.9x | |
| DSCR | 2.2x | 2.4x | 2.6x | 2.7x | 2.9x | |
| Liquidity ($M) | $438M | $585M | $746M | $921M | $350M | |
| Downside | Net debt / EBITDA | 4.3x | 4.4x | 3.9x | 3.5x | 3.0x |
| EBITDA / cash interest | 2.6x | 2.6x | 2.8x | 3.0x | 3.1x | |
| DSCR | 1.6x | 1.6x | 1.7x | 1.8x | 1.9x | |
| Liquidity ($M) | $400M | $475M | $553M | $640M | $300M | |
| Severe Downside | Net debt / EBITDA | 6.0x | 7.2x | 6.8x | 6.3x | 5.7x |
| EBITDA / cash interest | 1.8x | 1.6x | 1.7x | 1.8x | 1.9x | |
| DSCR | 1.2x | 1.1x | 1.1x | 1.2x | 1.3x | |
| Liquidity ($M) | $361M | $373M | $382M | $398M | $300M |
Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Ridgeline Infrastructure Services — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Ridgeline Infrastructure Services — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |