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Ratings
Ratings
If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large non-financial service firms For financial service firms (default spreads are slighty different)
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to Rating is Spread is
-100000 0.199999 D2/D 16.00% -100000 0.049999 D2/D 16.00%
0.2 0.649999 C2/C 14.00% 0.05 0.099999 C2/C 14.00%
0.65 0.799999 Ca2/CC 12.81% 0.1 0.199999 Ca2/CC 12.81%
0.8 1.249999 Caa/CCC 9.43% 0.2 0.299999 Caa/CCC 9.43%
1.25 1.499999 B3/B- 6.04% 0.3 0.399999 B3/B- 6.04%
1.5 1.749999 B2/B 4.35% 0.4 0.499999 B2/B 4.35%
1.75 1.999999 B1/B+ 3.81% 0.5 0.599999 B1/B+ 3.81%
2 2.2499999 Ba2/BB 2.74% 0.6 0.749999 Ba2/BB 2.74%
2.25 2.49999 Ba1/BB+ 2.20% 0.75 0.899999 Ba1/BB+ 2.20%
2.5 2.999999 Baa2/BBB 1.89% 0.9 1.199999 Baa2/BBB 1.89%
3 4.249999 A3/A- 1.54% 1.2 1.49999 A3/A- 1.54%
4.25 5.499999 A2/A 1.36% 1.5 1.99999 A2/A 1.36%
5.5 6.499999 A1/A+ 1.17% 2 2.49999 A1/A+ 1.17%
6.5 8.499999 Aa2/AA 0.80% 2.5 2.99999 Aa2/AA 0.80%
8.50 100000 Aaa/AAA 0.74% 3 100000 Aaa/AAA 0.74%
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Start here Ratings sheet
Page 2
Start here Ratings sheet
Yes 1
eadsheet. No 2
ns in excel) is checked. 3
Small: <$5 billion
Page 3
Operating Leases
Pre-tax Cost of Debt = 4.36% ! If you do not have a cost of debt, use the attached ratings estimator
Restated Financials
Operating Income with Operating leases reclassified as debt = $ 57.45
Debt with Operating leases reclassified as debt = $ 268.42
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