Introduction -- Some common leveraged finance terms -- Defining the market and the ratings agencies -- The participants -- Why is leveraged finance analysis unique? -- The major components of analysis -- Some features of bank loans -- A primer on prices, yields, and spreads -- A primer on key points on financial statement analysis -- Credit ratios -- Business trend analysis and operational ratios -- Expectations, modeling, and scenarios -- Structural issues : coupons -- Structural issues : maturities, calls, and puts -- Structural issues : ranking of debt -- Key leveraged finance covenants -- Amendments, waivers, and consents -- Making money or losing it off of news events -- Management and ownership -- I am looking at debt, so why does the equity matter? -- Value, relative value, and comparable analysis -- New issuance -- Distressed credits, bankruptcy, and distressed exchanges -- Preparing a credit snapshot -- The investment decision process -- Closing comments.