Download International Corporate Finance - Impact of Financial Ratios on Long Term Credit Ratings Book

International Corporate Finance - Impact of Financial Ratios on Long Term Credit Ratings PDF
By:Swen Beyer
Published on 2010-12 by GRIN Verlag

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Master's Thesis from the year 2010 in the subject Business economics - Investment and Finance, grade: 2,0, Reutlingen University (Business Adminstration), language: English, abstract: The global financial and economic crises resulted for many corporations in a downgraded credit rating within the last 2 to 3 years. Even a large percentage of them defaulted on their credit obligations due to inherent operational factors. The importance of credit ratings will play an even more central role under the currently discussed New Basel Capital Accord (Basel III) (Standard & Poors 2010; Basel III For Global Banks). The purpose of this research is to explore the relationship between long term credit ratings and selected financial ratios that can be derived by public information. Such information can be very valuable for companies in order to have a slight control over their credit rating obtained by rating agencies as well as in negotiations with banks and other outside creditors. The research design is based on three automotive manufacturers and involves their credit rating over the last decade. The data for the financial ratios was collected from respective financial statements. The study is based on a correlation and multiple regression analysis using the MINITAB (Minitab Data Analysis Software, Pennsylvania USA) software as a statistical platform. A step wise approach determined the regression equation with the highest significance. The equations were used to detect those variables that have the strongest impact on the credit rating. The results for automotive companies with a solid statistical data set are surprisingly high in significance with an adjusted coefficient of determination of over 90%. Overall it is not feasible to mention which one of the seventeen financial ratios explains the variation in credit rating most reliable, because such a statement depends always on the individual company. For example to explain the changes in the rating for the Ford Motor Com|

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Book ID of International Corporate Finance - Impact of Financial Ratios on Long Term Credit Ratings's Books is W2L_O9S0tQkC, Book which was written bySwen Beyerhave ETAG "EK7iY2rsH+Q"

Book which was published by GRIN Verlag since 2010-12 have ISBNs, ISBN 13 Code is 9783640766413 and ISBN 10 Code is 3640766415

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