{"id":1204,"date":"2025-07-26T10:39:26","date_gmt":"2025-07-26T06:39:26","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1204"},"modified":"2026-04-11T21:21:07","modified_gmt":"2026-04-11T17:21:07","slug":"debt-rating","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2025\/07\/26\/debt-rating\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Among a CFO\u2019s typical target KPIs is improving the company\u2019s credit rating, as it directly impacts the organization\u2019s value through its effect on the Cost of Debt (CoD) and ultimately the Weighted Average Cost of Capital (WACC).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The CoD can be estimated using a modified version of the CAPM model. To do this, we need to define the beta of the company\u2019s debt <a href=\"https:\/\/eoninvestment.com\/ka\/2025\/07\/19\/cost-of-debt-debt-%ce%b2\/\">(in more detail)<\/a>, which often requires knowing its credit rating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Credit ratings for listed companies are generally accessible. But how do we estimate the rating for a <strong>private business<\/strong>, especially when we don\u2019t use a dedicated rating agency or when such data isn\u2019t provided by the servicing bank?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In such cases, financial ratio benchmarks (see table below) can be very useful. These benchmarks reflect the typical levels of <strong>operating and financial risk indicators<\/strong> corresponding to different credit rating tiers. We can compare these to the metrics of the business under evaluation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ud83d\udcca <strong>Updated Financial Ratios by Credit Rating (Estimates, 2023\u20132024)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-18.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"817\" height=\"471\" data-attachment-id=\"6886\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2025\/07\/26\/debt-rating\/image-470\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-18.png?fit=817%2C471&amp;ssl=1\" data-orig-size=\"817,471\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-18.png?fit=817%2C471&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/image-18.png?resize=817%2C471&#038;ssl=1\" alt=\"\" class=\"wp-image-6886\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/><em>Table adapted from:<\/em><br \/><strong>Corporate Valuation: Theory, Evidence and Practice<\/strong><br \/><em>Mark E. Zmijewski &#038; Robert W. Holthausen, 2nd Edition<\/em><br \/><em>Updated using ChatGPT.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<br \/>The approach described above works in many practical cases. However, for a more qualified estimation, companies sometimes build formal <strong>rating models<\/strong>. This requires advanced statistical analysis \u2014 typically using regression to determine which financial indicators are significant predictors of rating levels, their <strong>statistical significance (p-values)<\/strong>, and standard errors.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>","protected":false},"excerpt":{"rendered":"<p>\u0421FO-\u10e1 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5 KPI-\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d8\u10e1 \u10d2\u10d0\u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d4\u10d1\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d8\u10e1 \u0421ost of Debt-\u10e1\u10d0 \u10d3\u10d0 WACC-\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d8\u10d7 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4. CoD-\u10d8\u10e1 \u10d3\u10d0\u10d7\u10d5\u10da\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 CAPM-\u10d8\u10e1 \u10db\u10dd\u10d3\u10d8\u10e4\u10d8\u10ea\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d5\u10d4\u10e0\u10e1\u10d8\u10d8\u10e1 \u10e1\u10d0\u10e4\u10e3\u10eb\u10d5\u10d4\u10da\u10d6\u10d4, \u10d3\u10d0 \u10d0\u10db\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e9\u10d5\u10d4\u10dc [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":6886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675951,37372,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445690,784445692],"eon_framework":[],"class_list":["post-1204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-valuation-theory-evidence-and-practice-by-m-e-zmijewski-r-w-holthausen","category-risk","category-wacc-coc-structure","eon_idea-risk","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Debt Rating - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2025\/07\/26\/debt-rating\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt Rating - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u0421FO-\u10e1 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5 KPI-\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10d0\u10e0\u10d8\u10e1 \u10ee\u10dd\u10da\u10db\u10d4 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d4\u10d8\u10e2\u10d8\u10dc\u10d2\u10d8\u10e1 \u10d2\u10d0\u10e3\u10db\u10ef\u10dd\u10d1\u10d4\u10e1\u10d4\u10d1\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d8\u10e1 \u0421ost of Debt-\u10e1\u10d0 \u10d3\u10d0 WACC-\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d8\u10d7 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4. 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