S & P one of the leading credit rating organisations and publisher of financial information and research services, identifies its debt rating process as outlined in the question. Standard & Poor s undertakes quantitative and qualitative analysis in the rating assignment process, and comments that it must be remembered that a rating is, in the end, an opinion and the rating experience is as much an art as it is a science . As part of the process, entities are required to provide Standard & Poor s with five years of audited financial statements and the last several interim statements. The analytical process involves consideration of an entity s business risk and financial risk. In assessing the business risk, Standard & Poor s is interested in an entity s industry characteristics and competitive position. The assessment of financial risk involves consideration of financial characteristics, financial policy, profitability, capital structure, cash flow protection and financial flexibility. Required Prepare a checklist, under each of the financial risk categories, of the items or ratios that you believe Standard and Poor s would investigate or calculate when assessing financial risk.
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