Why do analysts of high-yield corporate bonds feel that the analysis should be viewed from an equity analyst's perspective?

What will be an ideal response?

For high-yield bonds, the analysis of business risk, corporate governance risk, and financial risk all involve the same type of analysis that a common stock analyst would undertake. Thus, many fixed income portfolio managers strongly believe that corporate bond analysis, particularly
high-yield bond analysis, should be viewed from an equity analyst's perspective. Using an equity approach, especially for high yield debt, can be used to verify the findings of traditional credit analysis. If analysts think about whether they would want to buy a particular high yield company's stock and what will happen to the future equity value of that company, they have a useful approach because, as equity values go up, so does the equity cushion beneath the company's debt.