Your Independent
Rating Advisor
Helping clients optimise their ratings to minimise borrowing costs whilst maximising flexibility.
A highly specialised, bespoke and personalised service
Every major corporate, insurer or bank faces a constant balancing act—meeting shareholder expectations while satisfying the demands of debt investors. Rating agencies sit at the centre of this tension, interpreting strategy and financial choices into a credit rating that shapes funding costs and market access.
At Cap Structure, we help clients navigate this space with clarity and confidence. We demystify how ratings work, analyse the consequences of strategic decisions, and advocate directly with agencies to ensure our clients’ stories are accurately reflected.
Unlike investment banks, we are fully independent, work with a focused group of clients, and go deeper than anyone else.
Ratings are all we do—and our clients feel the difference.
At Cap Structure, we help clients navigate this space with clarity and confidence. We demystify how ratings work, analyse the consequences of strategic decisions, and advocate directly with agencies to ensure our clients’ stories are accurately reflected.
Unlike investment banks, we are fully independent, work with a focused group of clients, and go deeper than anyone else.
Ratings are all we do—and our clients feel the difference.
Our wealth of expertise puts us in a unique position to tackle the most difficult challenges in this sphere for clients.
We work with a select group of clients so we can move fast, go deep, and stay aligned. Ratings are all we do—so we bring sharper insight, quicker execution, and far greater focus than clients can get anywhere else.
Our proprietary peer analytics tools give clients a major edge. We benchmark ratings decisions with precision, identify inconsistencies, and support agency discussions with data-driven arguments that stand up to scrutiny.
Cap Structure was founded by Malcolm Cruickshanks. Malcolm was joined by Ray Travis, Natalie Goncharova and Shruti Kulkarni—all of whom previously led ratings advisory teams at top investment banks. Frustrated by internal constraints and misaligned incentives, they left to build a firm that’s nimble, independent, and built entirely around client outcomes.
Our proprietary peer analytics tools give clients a major edge. We benchmark ratings decisions with precision, identify inconsistencies, and support agency discussions with data-driven arguments that stand up to scrutiny.
Cap Structure was founded by Malcolm Cruickshanks. Malcolm was joined by Ray Travis, Natalie Goncharova and Shruti Kulkarni—all of whom previously led ratings advisory teams at top investment banks. Frustrated by internal constraints and misaligned incentives, they left to build a firm that’s nimble, independent, and built entirely around client outcomes.
Our Services
Annual reviews and ongoing rating management
First time ratings
M&A, capital structure scenario analysis and insurance capital modelling
Rating management through M&A or stress events
Our ultimate objective is the optimal capital point for any given rating.
By being on the front foot it is possible to challenge assumptions, to accelerate upgrades or build more financial flexibility and headroom.
We aim to get the best rating for a client's capital structure whilst ensuring maximum flexibility. Our thesis, which is borne out with credentials, is that proactive management of the agencies translates into real savings for companies.
How we work
We tailor our approach to each client’s needs, offering the flexibility to support across the full spectrum of rating-related activity—from annual reviews and interim updates to transaction scenarios and agency engagement.
We’re often on call to advise on structuring considerations or provide a view on how rating agencies are likely to interpret strategic moves—whether that’s a bond issue, acquisition, large capex projects, capital return, or a shift in business model.
Our relationships are designed for agility and impact. We combine ongoing support with the ability to dive deep when it matters most. Every engagement is structured to align with client success.
We’re often on call to advise on structuring considerations or provide a view on how rating agencies are likely to interpret strategic moves—whether that’s a bond issue, acquisition, large capex projects, capital return, or a shift in business model.
Our relationships are designed for agility and impact. We combine ongoing support with the ability to dive deep when it matters most. Every engagement is structured to align with client success.
Case Studies
Cap Structure Limited provided strategic guidance to Energetický a průmyslový holding, a.s. (EPH) in obtaining its first-time credit ratings. In August 2023, both S&P Global Ratings and Fitch Ratings assigned EPH a BBB- rating with a stable outlook. By effectively articulating EPH's diversified asset portfolio and strong financial management to the rating agencies, we helped ensure a successful outcome. These ratings not only reflect EPH's robust business fundamentals but also their forward-looking approach, and we are proud to have contributed to their success.
Cap Structure Limited is proud to have supported African Specialty Risks (ASR) in securing its first-time credit ratings. In October 2023, Moody's Investors Service assigned ASR Re Limited a Baa1 long-term insurance financial strength rating (IFSR) . Subsequently, in September 2024, Fitch Ratings assigned ASR Re Limited a BBB+ long-term Insurer Financial Strength (IFS) Rating with a positive outlook . Leveraging our deep expertise in ratings advisory, we collaborated closely with ASR to present a compelling case to the rating agencies, showcasing its robust underwriting standards and strategic market positioning. These achievements underscore ASR's commitment to offering tailored risk solutions across the continent, and we are delighted to have played a key role in this milestone.
As the UK's largest independent oil and gas company, Harbour Energy achieved its inaugural credit ratings with advisory support from Cap Structure Limited. In September 2024, Moody's Investors Service assigned Harbour Energy a Baa2 rating with a stable outlook . Concurrently, Fitch Ratings and S&P upgraded Harbour Energy's Long-Term Issuer Default Rating (IDR) to BBB- with a stable outlook . Our team worked in partnership with Harbour Energy to highlight its operational resilience, strong cash flow generation, and commitment to sustainable practices. These followed our work on achieving inaugural first time ratings of BB from both Fitch and S&P. The ratings reinforce Harbour Energy's leadership in the energy sector, and we are honored to have guided them through this process with our bespoke advisory services.
Our Team
Malcolm Cruickshanks
After over 20 years as a Managing Director in the ratings advisory team for J.P. Morgan, Malcolm Cruickshanks founded Cap Structure in 2021 to advise companies directly with regards to corporate ratings and capital structure. The ambition of going it alone was to be able to work more deeply with clients, whilst providing an independent service that has the highest levels of expertise. Malcolm's area of expertise lies in corporate credit ratings.
Ray Travis
In 2022, Ray Travis joined the Cap Structure team. Previously Ray was Head of Ratings Advisory at Barclays for the same 20-year period as Malcolm was at J.P. Morgan. Prior to Barclays, Ray was a Vice President / Senior Credit Officer at Moody’s. Ray’s expertise lies in corporate, financial institutions and infrastructure ratings.
Natalie Goncharova
With 15 years of experience in ratings, Natalie joined Cap Structure in 2023, bringing deep expertise in corporate and infrastructure ratings. Prior to Cap Structure, she was at Morgan Stanley, co-leading the EMEA Rating Advisory team in London. Before that, she served as Director and Lead Analyst for the Media and Leisure sectors at S&P. Natalie has extensive experience working across Europe, CIS, and Eastern Europe, providing strategic insights and navigating complex situations for her clients.
Douglas Rowlings
In 2023, Douglas Rowlings joined the Cap Structure team. Previously Douglas was a Senior Vice President for the Middle East and Africa at Moody’s Investors Service. Before Moody’s, Douglas professional experience included stints at J.P. Morgan, Johannesburg and at the University of Cape Town as a lecturer in the Finance Section. Douglas expertise lies in corporates, sovereigns, utilities and financial institutions with a focus on the insurance and banking sectors.
Shruti Kulkarni
In 2024, Shruti Kulkarni joined the Cap Structure team. More recently, Shruti was a Vice President – Sector Lead handling Oil & Gas and Utilities ESG Ratings team at MSCI. Previously Shruti co-led the EMEA Ratings Advisory team at Morgan Stanley in London. Prior to Morgan Stanley, Shruti was an Assistant Vice President / Lead Analyst for the Oil & Gas and Mining sectors at Moody’s. Shruti’s has extensive experience across multiple sectors.
Aditya Shah
In 2025, Aditya Shah joined the Cap Structure team, bringing with him a strong foundation in credit analysis and financial assessment. Prior to this, he worked as a Rating Analyst at CRISIL Ratings, an S&P Global company, where he was responsible for evaluating and assigning credit ratingsto a diverse portfolio of Indian corporate entities across various industries.
Simran Basantani
After beginning her career as an Equity Research Analyst at TransparentValue Private Ltd., where she spent two years in evaluating company fundamentals, assessing risk, and interpreting financial statements, Simran transitioned into the world of corporate ratings and capital structure advisory. In 2025, she joined Cap Structure Ltd. as a Rating Advisory Analyst, bringing her expertise to help businesses navigate the complexities of creditratings and optimize their financial strategies.
Get in touch
Although we work with clients all over the world, our team members are primarily based in London, Madrid and Mumbai.
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