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  "documentTitle": "Maxar Technologies (MAXR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-08-07 00:00:00",
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  "notes": "The slide uses a 'Spruce Point Reality' column to adjust EBITDA downwards and Debt upwards, resulting in a higher leverage ratio (5.8x) than the company's reported 4.4x, exceeding the 5.5x covenant.",
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      "text": "Based on accepted analytical credit adjustments made by Maxar's rating agency Moody's and reasonable year end projections, Maxar will effectively exceed its leverage covenant by year end.",
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      "text": "Based on accepted analytical credit adjustments made by Maxar's rating agency Moody's and reasonable year end projections, Maxar will effectively exceed its leverage covenant by year end.",
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      "text": "Source: \"Moody's Approach to Global Standard Adjustments in the Analysis of Financial Statements for Non-Financial Corporations\"",
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      "text": "Adjusted Credit Metrics Projected To Exceed Leverage Covenant",
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