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【正文】 8 41 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Bond Ratings Provide One Measure of Default Risk Investment Grade Junk Bonds Moody’s Aaa Aa A Baa Ba B Caa C SP AAA AA A BBB BB B CCC D 8 42 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What factors affect default risk and bond ratings? ?Financial performance ?Debt ratio ?TIE, FCC ratios ?Current ratios 8 43 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Provisions in the bond contract ?Secured vs. unsecured debt ?Senior vs. subordinated debt ?Guarantee provisions ?Sinking fund provisions ?Debt maturity 8 44 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Other factors ?Earnings stability ?Regulatory environment ?Potential product liability ?Accounting policies 8 45 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Top Ten Largest . Corporate Bond Financings, as of July 1999 Issuer Ford Motor Co. ATT RJR Holdings WorldCom Sprint Date July 1999 Mar 1999 May 1989 Aug 1998 Nov 1998 Amount $ billion $ billion $ billion $ billion $ billion 8 46 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Bankruptcy ?Two main chapters of Federal Bankruptcy Act: ?Chapter 11, Reanization ?Chapter 7, Liquidation ?Typically, pany wants Chapter 11, creditors may prefer Chapter 7. 8 47 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?If pany can’t meet its obligations, it files under Chapter 11. That stops creditors from foreclosing, taking assets, and shutting down the business. ?Company has 120 days to file a reanization plan. ?Court appoints a “trustee” to supervise reanization. ?Management usually stays in control. 8 48 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ? Company must demonstrate in its reanization plan that it is “worth more alive than dead.” Otherwise, judge will order liquidation under Chapter 7. 8 49 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?If the pany is liquidated, here’s the payment priority: 1. Secured creditors from sales of secured assets. 2. Trustee’s costs 3. Wages, subject to limits 4. Taxes 5. Unfunded pension liabilities 6. Unsecured creditors 7. Preferred stock 8. Common stock 8 50 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?In a liquidation, unsecured creditors generally get zero. This makes them more willing to participate in reanization even though their claims are greatly scaled back. ?Various groups of creditors vote on the reanization plan. If both the majority of the creditors and the judge approve, pany “emerges” from bankruptcy with lower debts, reduced interest charges, and a chance for success. 8 51 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 演講完畢，謝謝觀看！
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