Terrapin

Municipal Credit Analysis
Built for Scale

Surface insights from disclosures in seconds, not hours. Our AI-powered data platform helps municipal credit analysts quickly and accurately identify risks, metrics, financials, and trends across thousands of disclosures.

The Challenge of Municipal Credit Analysis

Municipal credit analysts face a unique challenge: thousands of issuers, each with their own disclosure schedule, financial metrics, and risk factors buried in hundreds of pages of official statements and disclosures.

Document overload

Sifting through hundreds of pages of official statements, CAFRs, and disclosure documents to find relevant information is time-consuming and error-prone.

Time pressure

With thousands of municipal issuers to monitor and analyze, there's never enough time to conduct thorough research on every entity in your universe.

Hidden insights

Critical information about covenants, financial trends, and risk factors is often buried deep within complex documents, making it easy to miss key details.

Foundation

Entity Master: The backbone of credit intelligence

Our Entity Master is a centralized database of canonical issuers and obligors, with links between different name variations to a single source of truth.

  • Link CUSIPs to financials, news, and disclosures automatically
  • Handle DBAs, acronyms, and name changes transparently
  • Connect extractions across different document types to the same entity
Metropolitan Water District
California · 3 Counties
Names linked 12 variations
CUSIPs mapped 847 bonds
Documents indexed 156 disclosures

Interactive analysis

Deep Dive: Conversational credit research

Ask questions in natural language and get precise answers backed by source documents. Our AI agent navigates through official statements and disclosures to surface the information you need—with every datapoint linked back to the exact page.

  • Filter by document type, filing type, and time period
  • Full audit trail with page-level citations
  • Follow-up questions maintain context
What are the debt service coverage ratios for the last 3 years?

Based on the annual financial reports:

  • • FY2024: 1.85x
  • • FY2023: 1.72x
  • • FY2022: 1.68x
FY2024 CAFR, p.42 FY2023 CAFR, p.38

Customizable reports

Tear Sheets: Your top facts, generated on demand

Muni analysts, PMs, and traders don't all care about the same "top facts." Create customizable tear sheets for any security and entity, choosing what matters most—key terms, security details, issuer financials, metrics, recent updates—in a clean, consistent format.

  • Generate for many entities at once
  • Every datapoint links to underlying source material
  • Verify quickly and move with confidence
Tear Sheet Generated 2 min ago
Key Terms
Maturity: 2045
Call Date: 2030
Financial Metrics
DSCR 1.85x
Days Cash 245 days

Automated extraction

Metrics: Extract any number, for any borrower, across time

Extract any financial or operational metric, for any obligor, for any time range—and be alerted when new disclosures update those metrics. Track DSCR, days cash on hand, enrollment figures, or create your own proprietary metrics.

  • Each value includes formula, components, and page references
  • Predefined common metrics plus fully customizable definitions
  • Set alerts like "DSCR drops below 1.5x" across your universe
Debt Service Coverage Ratio
FY2024 1.85x
Net Revenue / Annual Debt Service
Net Revenue $48.2M p.42
Annual Debt Service $26.1M p.45
Full auditability: formula + components + source pages

How It Works

Get started in minutes and transform the way you analyze municipal credits

1 Add to watchlist

Search for municipal borrowers by CUSIP and add them to your surveillance watchlist.

2 Configure extractions

Choose which metrics to track, set time ranges, and customize tear sheet templates for your needs.

3 Get automated insights

Our AI extracts data from relevant disclosures and presents results with full source attribution.

4 Stay informed

Receive alerts when new disclosures are published or when metrics cross your defined thresholds.

Powered by Comprehensive Reference Data

Our Credit Intelligence Platform is built on top of our extensive municipal bond database, giving you the full context you need

1.2M+
Municipal securities
50K+
Issuers & obligors
2.5M+
Documents indexed
Daily
Disclosure processing

Built for Your Workflow

Whether you're conducting initial research, ongoing monitoring, or in-depth analysis, our platform adapts to your needs

Initial credit assessment

Quickly evaluate a new issuer by extracting key financial metrics, covenants, and risk factors from their most recent disclosures.

Example use cases:

  • Generate tear sheets for 50 new bonds in your pipeline
  • Extract DSCR history across all healthcare obligors
  • Compare liquidity metrics across similar credits

Portfolio surveillance

Monitor financial trends across your entire portfolio. Get alerts when key metrics deteriorate or when new disclosures reveal material changes.

Example use cases:

  • Alert when any holding's DSCR drops below covenant level
  • Track enrollment trends across charter school portfolio
  • Monitor reserve fund balances quarterly

Deep-dive research

Conduct comprehensive credit analysis with access to historical disclosures and extracted data points spanning multiple years.

Example use cases:

  • Trace revenue trends through 5 years of CAFRs
  • Analyze capital spending impact on debt metrics
  • Review management forecast accuracy over time

Time savings at scale

Do in minutes what previously took weeks. Cover your full universe without the traditional coverage-timeliness trade-off.

Example use cases:

  • Extract metrics from 1,000+ disclosures overnight
  • Generate weekly surveillance reports automatically
  • Respond to RFPs with comprehensive credit summaries

Ready to Transform Your Credit Analysis?

Join forward-thinking analysts who are using AI to extract, track, and analyse municipal credit data at scale

Book a Demo