{"id":560,"date":"2020-12-31T16:52:46","date_gmt":"2020-12-31T16:52:46","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=560"},"modified":"2026-04-09T01:39:54","modified_gmt":"2026-04-09T01:39:54","slug":"credit-in-the-time-of-covid","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/es\/insights\/credit-in-the-time-of-covid\/","title":{"rendered":"030: Cr\u00e9dito en tiempos de COVID"},"content":{"rendered":"

Cualquier afirmaci\u00f3n sobre el nivel de disrupci\u00f3n que ha tra\u00eddo 2020 corre el riesgo de quedarse corta. Adem\u00e1s de replantearse la vida personal y las rutinas, muchos inversores se han visto obligados a reconsiderar su visi\u00f3n del mundo sobre el riesgo y las p\u00e9rdidas, un tema al que hemos dedicado much\u00edsimo tiempo durante los \u00faltimos seis meses.<\/p>\n\n

Si bien GRAPH se enorgullece de pensar de forma creativa sobre las oportunidades de generaci\u00f3n de valor para los nuevos propietarios, a menudo los clientes que son inversores en cr\u00e9dito nos llevan a realizar an\u00e1lisis exhaustivos de los riesgos a la baja.<\/p><\/div>\n\n

\n\n

Tras sintetizar las lecciones aprendidas de esta experiencia (at\u00edpica) para la comunidad de patrocinadores en general, destacan algunas buenas "pr\u00e1cticas para afrontar situaciones de riesgo" que podr\u00edan ser \u00fatiles para todos los inversores:<\/p>\n\n

    \n
  1. Los inversores en cr\u00e9dito suelen ser m\u00e1s "sensibilizadores" ante las p\u00e9rdidas:<\/em><\/strong>\u00a0<\/em>Dado que muchos de los escenarios relevantes para los patrocinadores se basan en perspectivas alcistas o implican nuevas inversiones de capital, nuestros mandatos tradicionales de diligencia debida orientados a los patrocinadores tienden a enfatizar las oportunidades de generaci\u00f3n de valor en estos casos. Nuestros documentos para inversores de cr\u00e9dito se centran en los principales escenarios adversos y se preguntan qu\u00e9 genera resiliencia operativa y financiera en el negocio.<\/li>\n<\/ol>\n\n
      \n
    1. Fundamentalizar de forma proactiva las principales m\u00e9tricas de rendimiento:<\/strong>\u00a0<\/em>Una consecuencia clave de sumergirse en estos escenarios adversos es que los inversores de cr\u00e9dito sofisticados aprenden a analizar las m\u00e9tricas clave de rendimiento que afectar\u00e1n al negocio en dichos escenarios. Aspectos como las tasas de rotaci\u00f3n de clientes, las l\u00edneas de negocio con alto apalancamiento operativo y la concentraci\u00f3n del margen bruto en cuentas espec\u00edficas se convierten en temas de debate cruciales con el objetivo de identificar indicadores clave que puedan monitorearse en el futuro. La identificaci\u00f3n de estos indicadores de riesgo tambi\u00e9n ofrece ventajas para los patrocinadores, quienes, al anticiparse a los problemas, impresionan a los posibles prestamistas al abordar proactivamente esta necesidad.<\/li>\n<\/ol>\n\n
        \n
      1. La diligencia crediticia siempre reduce el enfoque, "desestructurando" el trabajo:\u00a0<\/em><\/strong>GRAPH ha realizado proyectos completos (de gran envergadura) para inversores de cr\u00e9dito que se centran exclusivamente en temas como las tasas de rotaci\u00f3n. El efecto de este nivel de enfoque es aislar\u00a0lo que realmente importa<\/em>\u00a0a partir de revisiones comerciales exhaustivas. Algunos patrocinadores solicitan la misma cobertura de diligencia debida de acciones en transacciones muy diferentes; esto no solo es un desperdicio de recursos, sino tambi\u00e9n una distracci\u00f3n potencialmente peligrosa de los problemas reales que resultar\u00e1n importantes. Creemos que nuestros clientes m\u00e1s s\u00f3lidos del lado de las acciones tambi\u00e9n hacen esto: al reducir el enfoque y adoptar un enfoque por fases\/met\u00f3dico para las preguntas umbral en orden de prioridad, nuestros mejores clientes patrocinadores realmente avanzan\u00a0m\u00e1s r\u00e1pido<\/em>\u00a0al generar mayor confianza desde el principio del proceso; y tienen el beneficio adicional de prepararse para ser miembros eficaces de la junta directiva, al haberse centrado en estos temas importantes.<\/li>\n<\/ol>\n\n

        Por supuesto, los escenarios adversos pueden ser abrumadores en estos tiempos: la COVID-19 ha generado una enorme incertidumbre tanto en la oferta como en la demanda para muchas empresas. En este contexto, elegir la preocupaci\u00f3n adecuada puede resultar dif\u00edcil. Comience por los fundamentos: qu\u00e9 impulsa la demanda y luego explore los comportamientos que se desarrollan cuando esta se ve amenazada, independientemente de la causa. A continuaci\u00f3n, analice las fortalezas de la empresa y determine (sin exagerar) la posibilidad de que el negocio influya en la demanda, as\u00ed como su capacidad para identificar e impulsar actividades comerciales en los nichos de demanda resilientes. Sea cual sea el escenario, una lecci\u00f3n clave que hemos aprendido es la importancia de delimitar cuidadosamente qu\u00e9 cambios tienen m\u00e1s probabilidades de ser permanentes frente a aquellos que son solo temporales. Nuestros clientes m\u00e1s perspicaces no hablan de una \u201cvuelta a la normalidad\u201d tras la COVID-19, sino m\u00e1s bien de una redefinici\u00f3n de c\u00f3mo puede ser el negocio una vez que se hayan relajado las restricciones. Esto, por supuesto, no siempre tiene que reflejar un futuro menos prometedor; para algunos, un mundo \u201cpost-COVID\u201d con las inversiones adecuadas realizadas ahora puede ofrecer mayores beneficios, en lugar de oportunidades reducidas.<\/p>","protected":false},"excerpt":{"rendered":"

        Cualquier afirmaci\u00f3n sobre el nivel de disrupci\u00f3n que ha tra\u00eddo 2020 corre el riesgo de quedarse corta. Adem\u00e1s de replantearse la vida personal y las rutinas, muchos inversores se han visto obligados a\u2026<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[44,106,110,78,66],"audience":[],"insight-category":[141],"class_list":["post-560","insight","type-insight","status-publish","hentry","topic-addressable-market","topic-customer-behavior","topic-distressed","topic-price","topic-profit-margin","insight-category-profit-pricing","author-jeff-merkle"],"yoast_head":"\n030: Credit in the time of COVID - Matters Graph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mattersgraph.com\/es\/insights\/credit-in-the-time-of-covid\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"030: Credit in the time of COVID - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"Any statement on the level of disruption that 2020 has served up risks being an understatement. 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