企業(yè)財(cái)務(wù)管理--長(zhǎng)期負(fù)債(編輯修改稿)
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【文章內(nèi)容簡(jiǎn)介】 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 208 Bond Refunding ? Replacing all or part of a bond issue is called refunding. ? Bond refunding raises two questions: – Should firms issue callable bonds? – Given that callable bonds have been issued, when should the bonds be called? McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 209 Callable Bonds versus Noncallable Bonds 2550751001251501752000 4 8 12 16 20Y i e l d t o m a t u r i t y ( % )Bond price (% of par)N o nca l l a bl e bo ndC a l l a bl e bo ndMost bonds are callable。 some sensible reasons for call provisions include: taxes, managerial flexibility and the fact that callable bonds have less interest rate risk. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2010 Bond Ratings ? What is rated: – The likelihood that the firm will default. – The protection afforded by the loan contract in the event of default. ? Who pays for ratings: – Firms pay to have their bonds rated. – The ratings are constructed from the financial statements supplied by the firm. ? Ratings can change. ? Raters can disagree. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2011 Bond Ratings: Investment Grade Moody39。s D uf f P hel ps SP 39。 s C redi t R at i ng D esc ri pti on A a a 1 AAA H i g h e st c r e d i t r a t i n g , max i mu m safe t y A a 1 2 AA+ A a 2 3 AA H i g h c r e d i t q u a l i t y , i n v e st me n t g r a d e b o n d s A a 3 4 AA A1 5 A+ A2 6 A U p p e r me d i u m q u a l i t y , i n v e st me n t g r a d e b o n d s A3 7 A B a a 1 8 BBB+ B a a 2 9 BBB L o w e r me d i u m q u a l i t y , i n v e st me n t g r a d e b o n d s B a a 3 10 BBB McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 2012 Mood y39。 s D uf f P helps SP 39。 s C redi t R ati ng D esc ri pti on Sp ecul ati ve G rade B on d R ati ng s B a 1 11 BB+ L o w c r e d i t q u a l i t y , sp e c u l a t i v e g r a d e b o n d s B a 2 12 BB B a 3 13 BB B1 14 B+ V e r y l o w c r e d i
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