{"text_format":"3","workbook":"xls","n_sheets":16,"sheets":["Sheet1","Sheet2","Sheet3","Sheet4","Sheet5","Sheet6","Sheet7","Sheet8","Sheet9","Sheet10","Sheet11","Sheet12","Sheet13","Sheet14","Sheet15","Sheet16"],"read":"whole","date_system":"1904","formulas":"cached_only"}

{"sheet":"Sheet1","index":0,"n_rows":46,"n_cols":10,"rows_kept":46,"flags":["formulas_cached_only"]}
["Inputs for synthetic rating estimation"]
["Enter the type of firm =",null,1,"(Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)"]
["Enter current Earnings before interest and taxes (EBIT) =",{"$nulls":4},10000,"(Add back only long term interest expense for financial firms)"]
["Enter current interest expenses =",{"$nulls":4},2000,"(Use only long term interest expense for financial firms)"]
["Enter current long term government bond rate =",{"$nulls":4},{"v":0.06,"d":"6.00%"}]
["Output"]
["Interest  coverage ratio =",null,null,{"v":5,"d":"5.00"}]
["Estimated Bond Rating =",null,null,"A"]
["Estimated Default Spread =",null,null,{"v":0.01,"d":"1.00%"}]
["Estimated Cost of Debt =",null,null,{"v":0.06999999999999999,"d":"7.00%"}]
[]
["For large manufacturing firms",{"$nulls":4},"For financial service firms"]
["If interest coverage ratio is",{"$nulls":4},"If long term interest coverage ratio is"]
[">","≤ to","Rating is","Spread is",null,"greater than","≤ to","Rating is","Spread is","Operating Income Decline"]
[-100000,0.199999,"D",{"v":0.1,"d":"10.00%"},null,-100000,0.049999,"D",{"v":0.1,"d":"10.00%"},{"v":-0.5,"d":"-50.00%"}]
[0.2,0.649999,"C",{"v":0.075,"d":"7.50%"},null,0.05,0.099999,"C",{"v":0.075,"d":"7.50%"},{"v":-0.4,"d":"-40.00%"}]
[0.65,0.799999,"CC",{"v":0.06,"d":"6.00%"},null,0.1,0.199999,"CC",{"v":0.06,"d":"6.00%"},{"v":-0.4,"d":"-40.00%"}]
[0.8,1.249999,"CCC",{"v":0.05,"d":"5.00%"},null,0.2,0.299999,"CCC",{"v":0.05,"d":"5.00%"},{"v":-0.4,"d":"-40.00%"}]
[1.25,1.499999,"B-",{"v":0.0425,"d":"4.25%"},null,0.3,0.399999,"B-",{"v":0.0425,"d":"4.25%"},{"v":-0.25,"d":"-25.00%"}]
[1.5,1.749999,"B",{"v":0.0325,"d":"3.25%"},null,0.4,0.499999,"B",{"v":0.0325,"d":"3.25%"},{"v":-0.2,"d":"-20.00%"}]
[1.75,1.999999,"B+",{"v":0.025,"d":"2.50%"},null,0.5,0.599999,"B+",{"v":0.025,"d":"2.50%"},{"v":-0.2,"d":"-20.00%"}]
[2,2.499999,"BB",{"v":0.02,"d":"2.00%"},null,0.6,0.799999,"BB",{"v":0.02,"d":"2.00%"},{"v":-0.2,"d":"-20.00%"}]
[2.5,2.999999,"BBB",{"v":0.015,"d":"1.50%"},null,0.8,0.999999,"BBB",{"v":0.015,"d":"1.50%"},{"v":-0.2,"d":"-20.00%"}]
[3,4.249999,"A-",{"v":0.0125,"d":"1.25%"},null,1,1.49999,"A-",{"v":0.0125,"d":"1.25%"},{"v":-0.175,"d":"-17.50%"}]
[4.25,5.499999,"A",{"v":0.01,"d":"1.00%"},null,1.5,1.99999,"A",{"v":0.01,"d":"1.00%"},{"v":-0.15,"d":"-15.00%"}]
[5.5,6.499999,"A+",{"v":0.008,"d":"0.80%"},null,2,2.49999,"A+",{"v":0.008,"d":"0.80%"},{"v":-0.1,"d":"-10.00%"}]
[6.5,8.499999,"AA",{"v":0.005,"d":"0.50%"},null,2.5,2.99999,"AA",{"v":0.005,"d":"0.50%"},{"v":-0.05,"d":"-5.00%"}]
[{"v":8.5,"d":"8.50"},100000,"AAA",{"v":0.002,"d":"0.20%"},null,3,100000,"AAA",{"v":0.002,"d":"0.20%"},{"v":0,"d":"0.00%"}]
[]
["For smaller and riskier firms"]
["If interest coverage ratio is"]
["greater than","≤ to","Rating is","Spread is"]
[-100000,0.499999,"D",{"v":0.1,"d":"10.00%"}]
[0.5,0.799999,"C",{"v":0.075,"d":"7.50%"}]
[0.8,1.249999,"CC",{"v":0.06,"d":"6.00%"}]
[1.25,1.499999,"CCC",{"v":0.05,"d":"5.00%"}]
[1.5,1.999999,"B-",{"v":0.0425,"d":"4.25%"}]
[2,2.499999,"B",{"v":0.0325,"d":"3.25%"}]
[2.5,2.999999,"B+",{"v":0.025,"d":"2.50%"}]
[3,3.499999,"BB",{"v":0.02,"d":"2.00%"}]
[3.5,4.499999,"BBB",{"v":0.015,"d":"1.50%"}]
[4.5,5.999999,"A-",{"v":0.0125,"d":"1.25%"}]
[6,7.499999,"A",{"v":0.01,"d":"1.00%"}]
[7.5,9.499999,"A+",{"v":0.008,"d":"0.80%"}]
[9.5,12.499999,"AA",{"v":0.005,"d":"0.50%"}]
[12.5,100000,"AAA",{"v":0.002,"d":"0.20%"}]

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{"sheet":"Sheet4","index":3,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet5","index":4,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet6","index":5,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet7","index":6,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet8","index":7,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet9","index":8,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet10","index":9,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

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{"sheet":"Sheet12","index":11,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet13","index":12,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet14","index":13,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

{"sheet":"Sheet15","index":14,"n_rows":0,"n_cols":0,"rows_kept":0,"flags":["formulas_cached_only"]}

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