Assessing Credit Risk in Corporate Bonds

As an investment advisor, you are tasked with evaluating the credit risk associated with a potential corporate bond purchase for a client's fixed-income portfolio. The client is particularly concerned about the impact of credit risk on the overall portfolio performance.

Please discuss the key factors you would consider when assessing credit risk for this corporate bond, and explain how you would incorporate these factors into your risk management strategy. Your response should include specific credit risk metrics as well as qualitative factors that could influence the bond's creditworthiness.