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In addition to considering the company’s credit rating, you may well wish to perform your own credit analysis, whether the company be rated or otherwise. In some cases, there will not be a credit rating to rely on, the aforementioned John Lewis being a good example.

The first tool to apply is common sense: do you trust the management? Are the company’s activities, accounts and its balance sheet transparent? The next step is to download a copy of the company report and accounts and start digging. The advent of the internet has made this process much more accessible to the private investor. The company’s own website is the first port of call, but there are many resources that can be employed [See the appendix for further information].

On the flip side, be wary of confusing the product with the company. As mentioned above, private investors often feel well-disposed towards known high-street brands, and that goodwill may spill over into their analysis of the company’s debt. Try to stay objective.

The subject of credit analysis is a complex one, but if I can attempt to boil it down to a few main points, I would focus on the following.