Your question is Prioritizing Covenants. Take a moment with it on the right.
Talk me through your thinking if you like. When you're confident, submit your answer and I'll grade it like a real screen (7/10 or better passes).
How would you prioritize covenants when assessing a company's creditworthiness? Explain the order in which you would assess maintenance, liquidity, leverage, coverage, and incurrence covenants, and how you would use headroom, breach risk, and recovery considerations to reach a credit recommendation. Address how the ranking changes in a downside case and distinguish early-warning value from legal consequences.