Credit interview prep in the age of AI

What 14 lenders and rating agencies, from Blue Owl to ICRA, publish about how they hire credit analysts, with practice interviews on four loan decisions.

Start a practice interview

Alder Parts · year-one tests · fictionalThe borrower wants $12m. What does the downside year support?

Cash cover of debt service0.75×

Floor 1.10× · Fails

Debt ÷ EBITDA after the payment3.60×

Ceiling 3.50× · Breaches

Make the loan decision in a practice interview

What credit leaders say AI changes

“Before investors take action on the basis of AI’s hypotheses, then, I think they’ll have to be checked for reasonableness.” (opens the source)
Howard Marks, Co-chairman, Oaktree Capital · Oaktree, Feb 26, 2026
Expect to be asked how you would check an AI’s reasoning before acting on it.
“No matter how good that third party is, we believe a lender should always be able to form their own opinion on whether a business is an AI winner or an AI loser.” (opens the source)
Benoit Vauchy, Partner, Permira Credit · Permira, May 1, 2026
Have your own view on whether AI helps or hurts the borrower.
“AI should supplement, but never replace, the human judgment, governance and validation that must remain central to our investment activities and portfolio monitoring.” (opens the source)
Michaela Campbell, Head of Portfolio Monitoring, Hayfin · Hayfin, Oct 14, 2025
The tool supplements the analyst. Show the judgment it cannot supply.
“As AI adoption within private credit accelerates, and technology is increasingly used to crunch numbers and supplement human judgement during the underwriting process, we believe it’s the managers with the largest pools of historic investment data who will be best placed to generate insights.” (opens the source)
Mark Tognolini, Co-Chief Executive Officer, Hayfin · Hayfin, Feb 26, 2026
When the numbers are crunched for you, the judgment is what you bring.
“Our goal with AI is to enhance the agility, rigor and scalability of our processes while continuing to underwrite and manage risk with the same discipline that has long defined our approach” (opens the source)
David Golub, Co-Chief Executive Officer, Golub Capital · Golub Capital, Sep 28, 2026
The discipline of underwriting stays. Show you know it.
“Lenders continue to focus on the potential impact of AI-driven disruption into their underwriting due diligence, while adopting various strategies to mitigate risk.” (opens the source)
Alternative Credit Council, The private credit affiliate of AIMA · Alternative Credit Council, Oct 22, 2026
AI is now a diligence question. Expect it about the borrower.
“Early on, it became evident that models that are calibrated or ‘trained’ on past decisions can actually replicate the bias of the prior human assessors” (opens the source)
Thomas Gregory, RMA risk consultant · Risk Management Association, Jul 27, 2023
A model trained on past decisions can copy past mistakes. Say how you would check it.

The committee, from the junior seat

Where analysts sit when a credit decision is made, in the words of 6 lenders and agencies.

Joining rating committees

“Working alongside Lead Analysts, you'll have a direct line to shaping Moody's influence in the market, from joining in on rating committees, to connecting with issuers and other key players.”

Moody’s

Every voice heard at committee

“Every voice on a team of analysts is heard, regardless of your seniority level, as our final ratings are driven by committee sign-off versus a static model.”

Fitch Group

Every rating goes to committee

“With internal committee reviews being required for every rating that we issue, our people come together across all levels and backgrounds to ensure that our work is as robust as possible.”

Fitch Group

Investment professionals join committees

“Our investment professionals come into regular contact with the senior management team and participate in the investment committees for the transactions they work on.”

Hayfin

Associates join the internal discussions

“The firm gives a significant level of responsibility to their investment associates and encourages active participation in internal discussions on the merits and risks of potential investment opportunities”

Oaktree Capital

A voice at the table

“You're given a voice at the table and encouraged to make decisions and problem-solve independently.”

HPS Investment Partners

Debate to better ideas

“Through open dialogue and thoughtful debate, we challenge one another and arrive at better ideas together.”

Sixth Street

What companies say they’re looking for

01 Test what pays the loan

“These decisions are critical and time-consuming, and they require constant judgment, adaptability, and attention to detail.” (opens the source)

Meenal Mehta, Senior Managing Director & Co-Head of Underwriting, Credit · Blue Owl, Undated

Size the loan to the bad year, then say what you would need to lend more.

A Muzinich analyst was hired to be “Muzinich & Co were looking for someone comfortable with data and modelling to work with a senior credit analyst on the US oil & gas sector” (Vladimir David, Muzinich & Co, opens the source).

Vladimir David Muzinich & Co

Credit caseWould you lend $12m to this distributor?Example

02 Check what is due at maturity

“Declining profitability can require companies to increase the amount they owe through the payment-in-kind feature rather than service their debt as scheduled.” (opens the source)

Howard Marks, Co-chairman and co-founder · Oaktree client memo, Apr 9, 2026

Ask what the borrower will owe at maturity, not only what it pays this year.

Hayfin: “Preserving their capital is our top priority and brings purpose to our work.” (Hayfin, Hayfin, opens the source) A Muzinich analyst on the work: “Looking at a company through the lens of a credit analyst allows you to dig much deeper into how the company works” (Tracy Zhao, Muzinich & Co, opens the source)

Hayfin
Tracy Zhao Muzinich & Co

Credit caseWould you accept payment in kind?Example

03 Test the income and the property value

“With internal committee reviews being required for every rating that we issue, our people come together across all levels and backgrounds to ensure that our work is as robust as possible.” (opens the source)

Fitch Group Careers, Fitch Ratings - Credit Analysts careers page · Fitch Group, Undated

Expect the committee to test the property value as hard as the income.

At Arcmont: “I find my days at Arcmont to be driven by intellectual curiosity, where opinions are welcomed and challenged in equal measure.” (Zaki Darouzi, Arcmont, opens the source) HPS: “Analytically rigorous and diligent, we strive to leave no stone unturned in our pursuit of compelling outcomes.” (HPS Investment Partners, HPS Investment Partners, opens the source)

Zaki Darouzi Arcmont
HPS Investment Partners

Credit caseWould you renew this property loan?Example

04 Calculate what the borrower can draw

“I evaluate new investment opportunities, execute investments, and monitor existing investments.” (opens the source)

Max Chou, Vice President, Direct Lending · Blue Owl, Undated

Monitoring is the job too. Recompute what the borrower can draw before you fund it.

Howard Marks, on what AI may not judge: “For instance, choosing the right counterparties has played an important part in Oaktree’s success. How will AI make judgments of that sort?” (Howard Marks, Oaktree Capital, opens the source)

Howard Marks Oaktree Capital

Credit caseWould you fund a $750,000 revolver draw?Example

Sources

Howard Marks, Co-chairman, Oaktree Capital, at the time. Oaktree, “AI Hurtles Ahead”, Feb 26, 2026. Open the source. Checked against the published text.
Benoit Vauchy, Partner, Permira Credit, at the time. Permira, “PDI Keynote Interview: AI advances: Avoiding structural losers with sector expertise”, May 1, 2026. Open the source. Checked against the published text.
Michaela Campbell, Head of Portfolio Monitoring, Hayfin, at the time. Hayfin, “Driving Transparency and Insight: Michaela Campbell on the Future of Portfolio Monitoring”, Oct 14, 2025. Open the source. Checked against the published text.
Mark Tognolini, Co-Chief Executive Officer, Hayfin, at the time. Hayfin, “Why scale, adaptability and culture will determine the winners in private credit’s next chapter”, Feb 26, 2026. Open the source. Checked against the published text.
David Golub, Co-Chief Executive Officer, Golub Capital, at the time. Golub Capital, “F2 Announces Strategic Partnership and $5 Million Investment from Golub Capital”, Sep 28, 2026. Open the source. Checked against the published text.
Alternative Credit Council, The private credit affiliate of AIMA, at the time. Alternative Credit Council, “Press Release: Global private credit market hit US$4.1tn AUM in 2025, ACC data reveals”, Oct 22, 2026. Open the source. Checked against the published text.
Thomas Gregory, RMA risk consultant, at the time. Risk Management Association, “With Increased Bank Usage of AI/ML Models, Risks Arise”, Jul 27, 2023. Open the source. Checked against the published text.
Meenal Mehta, Senior Managing Director & Co-Head of Underwriting, Credit, at the time. Blue Owl, “Meenal Mehta's employee spotlight”, Undated. Open the source. Checked against the published text.
Vladimir David, Credit Analyst, London, at the time. Muzinich & Co, “Careers”, Undated. Open the source. Checked against the published text.
Howard Marks, Co-chairman and co-founder, at the time. Oaktree client memo, “What’s Going on in Private Credit?”, Apr 9, 2026. Open the source. Checked against the published text.
Hayfin, Working at Hayfin page, at the time. Hayfin, “Working at Hayfin”, Undated. Open the source. Checked against the published text.
Tracy Zhao, Credit Analyst, London, at the time. Muzinich & Co, “Careers”, Undated. Open the source. Checked against the published text.
Fitch Group Careers, Fitch Ratings - Credit Analysts careers page, at the time. Fitch Group, “Credit Analyst Careers”, Undated. Open the source. Checked against the published text.
Zaki Darouzi, Senior Associate, at the time. Arcmont, “Life at Arcmont”, Undated. Open the source. Checked against the published text.
HPS Investment Partners, Careers page (Our culture), at the time. HPS Investment Partners, “Careers”, Undated. Open the source. Checked against the published text.
Max Chou, Vice President, Direct Lending, at the time. Blue Owl, “Max Chou's employee story”, Undated. Open the source. Checked against the published text.
Howard Marks, Memo author (Memos from Howard Marks), at the time. Oaktree Capital, “AI Hurtles Ahead”, Feb 26, 2026. Open the source. Checked against the published text.

Last reviewed Nov 11, 2026

How we check sources