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Credit Reports and Models
Reports in the Credit Reports and Models Folder
Report Name Report File Name
S&P Long-Term Issuer Credit Rating Cash Flow Statement FIXEDCF
S&P Long-Term Issuer Credit Rating Criteria FIXEDIND
S&P Long-Term Issuer Credit Rating Criteria - 3 Year Averages FIXEDAVG
S&P Long-Term Issuer Credit Rating Ratios FIXEDRAT
57
Standard & Poor’s Research Insight Report & Chart Library
Before you use a Fixed Income Report…
The Fixed Income Reports allow you to analyze the ability of a company to repay its debt (creditworthiness) in
much the same way Standard & Poor’s analyzes fundamental data when assigning debt ratings. There are four
different Fixed Income Reports.
Before you use the Fixed Income Reports, you must run the Fixed Income screen (fixedinc.scn). This screen
identifies companies in the same industry group and Long-Term Issuer Credit Rating category as the company for
which you want to run a report, and then creates sets that you can use with the Fixed Income Reports.
Begin from the Research Insight desktop.
1. Click the (Open Screen) button.
You will see the File Open dialog box. You’ll notice a list of available screens.
2. Select the Fixed Income screen, select the Classic View radio button and click Finish.
You will see the Classic Screen template. Click on the blank box in the upper left-hand
corner of the template above the number 1 and click the (Run) button.
3. Enter the ticker for the company you want to use in your report in the Enter Ticker field and
click OK.
Hint: If you are not sure of a ticker symbol, click the (Look Up) button to search the companies in the
COMPUSTAT (North America) database.
4. Go to the Set column, and click the SPIND set to highlight it and click your right mouse
button. You’ll see a drop-down menu.
5. Click Save Passed Set.
Research Insight displays the screen results and then displays the Save File dialog box. Notice that the set name
is already inserted into the File Name field.
6. Click Save.
Research Insight saves the screen results as a set and then displays the Fixed Income screen template again.
7. Repeat steps 4, 5 and 6 for the next three sets in the template, FIXEDINC, RATINGS1 and RATINGS
and run your report (S&P Long-Term Issuer Credit Rating Criteria or S&P Long-Term Issuer Credit Rating
Ratio).
Note: You must run the Fixed Income screen each time you change the company for which you are running
any of the Fixed Income Reports.
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Credit Reports and Models
S&P Long-Term Issuer Credit Rating Cash Flow Statement (FIXEDCF)
Description
This report uses the same format as Standard & Poor’s to analyze the components of cash flow for a specific
company.
PROCTER & GAMBLE CO LONG TERM ISSUER CREDIT RATING CASH FLOW STATEMENT
TICKER: PG ($ MILLIONS)
SIC: 2840
GICS: 30301010
FY: 06
CURRENT RATING AS OF: 17Aug00
S&P LT ISSUER CREDIT RATING: AA
Jun99 Jun98 Jun97 Jun96 Jun95
Income Before Extraordinary Items 3,763.000 3,780.000 3,415.000 3,046.000 2,645.000
Depreciation and Amortization 2,148.000 1,598.000 1,487.000 1,358.000 1,253.000
Extraordinary Items and
Discontinued Operations 0.000 0.000 0.000 0.000 0.000
Deferred Taxes -60.000 -101.000 -26.000 328.000 181.000
Equity in Earnings @CF @CF @CF @CF @CF
Sale of Property, Plant, and Equipment
and Sale of Investments 0.000 0.000 0.000 0.000 0.000
Funds from Operations - Other 130.000 -137.000 5.000 289.000 -163.000
Funds from Operations - Total 5,981.000 5,140.000 4,881.000 5,021.000 3,916.000
Change in Noncash & Nondebt
Working Capital -437.000 -255.000 1,001.000 -863.000 -348.000
____________ ____________ ____________ ____________ ____________
Operating Cash Flow 5,544.000 4,885.000 5,882.000 4,158.000 3,568.000
Capital Expenditures 2,828.000 2,559.000 2,129.000 2,179.000 2,146.000
____________ ____________ ____________ ____________ ____________
Free Operating Cash Flow 2,716.000 2,326.000 3,753.000 1,979.000 1,422.000
Cash Dividends 1,626.000 1,462.000 1,329.000 1,202.000 1,062.000
____________ ____________ ____________ ____________ ____________
Discretionary Cash Flow 1,090.000 864.000 2,424.000 777.000 360.000
Acquisitions 137.000 3,269.000 150.000 358.000 623.000
Sale of Property, Plant, and Equipment @CF @CF @CF @CF @CF
Investments - Increase 0.000 0.000 0.000 0.000 0.000
Sale of Investments 0.000 0.000 0.000 0.000 0.000
Other Sources (Uses) of Cash 790.000 618.000 211.000 71.000 406.000
____________ ____________ ____________ ____________ ____________
Prefinancing Cash Flow 1,743.000 -1,787.000 2,485.000 490.000 143.000
Current Debt - Changes 689.000 1,315.000 -160.000 242.000 -429.000
Long-Term Debt - Issuance 986.000 1,970.000 224.000 339.000 449.000
Long-Term Debt - Reduction 334.000 432.000 724.000 619.000 510.000
Purchase of Common and Preferred Stock 2,533.000 1,929.000 1,652.000 432.000 114.000
Sale of Common and Preferred Stock 212.000 158.000 134.000 89.000 66.000
Financing Activities - Other 0.000 0.000 0.000 0.000 0.000
Exchange Rate Effect -18.000 -96.000 -31.000 -63.000 50.000
____________ ____________ ____________ ____________ ____________
Cash and Equivalents - Change 745.000 -801.000 276.000 46.000 -345.000
Format Code 7 7 7 7 7
59
Standard & Poor’s Research Insight Report & Chart Library
S&P Long-Term Issuer Credit Rating Criteria (FIXEDIND)
Description
This report compares nine ratios for a company to its industry as a whole, to other companies in its S&P Long-
Term Issuer Credit Rating category and to the S&P Industrials. (Note: Before you run this report, you must first
run the Fixed Income screen and save the sets. For instructions on running this screen, see page 58).
CAPITAL ONE FINL CORP S&P LONG TERM ISSUER CREDIT RATING CRITERIA
TICKER: COF
FY: 12
DATE: Dec99
CURRENT RATING AS OF: 17Aug00
S&P LT ISSUER CREDIT RATING: BB+
GICS: 40201010 Consumer Finance
SIC: 6141 PERSONAL CREDIT INSTITUTIONS S&P INDUSTRIALS
————- INDUSTRY ————- RATING CATEGORY ———————- ———————-----------
COF Min Avg Max Min Avg Max Min Avg Max
Long Term Debt 71.9 -4,083.3 44.8 13,427.5 17.6 29.7 40.8 0.0 32.3 213.8
% of Total Capital
Pretax Interest 2.4 -7,046.0 -219.5 495.6 5.4 11.2 16.7 -7,122.3 336.1 114,496.1
Coverage (x)
Cash Flow 2.3 -6,364.0 -183.7 584.7 9.8 15.2 19.5 -6,735.3 230.4 76,195.4
Interest Coverage (x)
Cash Flow % of 13.8 -339,900.0 -7,679.2 17,977.7 59.2 97.8 136.0 -116.7 985.5 105,133.7
Long Term Debt
Asset 0.3 0.0 0.8 6.2 1.0 1.4 1.7 0.1 1.2 4.5
Turnover (x)
Equity Book Value/ 0.1 -0.9 6.0 217.1 0.3 0.6 1.1 -0.2 1.0 8.0
Book Value of Liabilities
Return on Total 6.7 -7,164.2 -31.9 14,083.3 5.8 13.0 22.2 -223.2 11.9 93.1
Capital (%)
Operating Income 29.1 -47,050.0 -1,008.6 37.0 12.6 14.7 18.5 -53.9 19.4 66.8
% of Sales
Total Liabilities % 779.9 -9,014.8 9.9 4,894.6 132.2 217.5 344.1 -24,132.9 276.5 58,544.3
of Tangible Net Worth
60
Credit Reports and Models
S&P Long-Term Issuer Credit Rating Criteria - Three Year Averages
(FIXEDAVG)
Description
This report displays 3-year averages for nine ratios for each company in your company's industry group. (Note:
Before you run this report, you must first run the Fixed Income screen and save the sets. For instructions on
running this screen, see page 58.) This report includes a set expression for generating the report. Press Enter to
accept it when you are prompted for a set expression.
LONG TERM ISSUER CREDIT RATING CRITERIA - 3 YEAR AVERAGES
Sr Debt Current Sr Rating LTD%of Pretax Cash Flow Cash Flow Asset Eq Bk VI/ Rest on Op Income Tot Liab
Company Name Rating Sr. Rating 3 Yrs. Ago Total Cap Int Cov Int Cov %of LTD Turnover Bk Val LB Total Cap % Sales % TanNW
MERRILL LYNCH & CO 6 AA- AA- 80.0 1.2 1.2 6.4 0.1 0.0 3.7 57.8 6,663.4
MORGAN STANLEY DEAN WITTER 6 AA- A+ 59.4 1.5 1.3 18.4 0.1 0.0 9.4 58.5 2,090.7
AXA FINANCIAL INC 7 A+ A 46.5 2.0 @NC @NC 0.1 0.0 8.0 27.5 2,976.0
SALOMON SMITH BARNEY HLDGS 8 A 65.0 1.3 1.2 11.9 0.1 0.0 6.3 62.0 2,711.2
LEHMAN BROTHERS HOLDINGS INC 8 A A 79.3 1.1 1.1 4.4 0.1 0.0 2.8 83.0 3,077.0
BEAR STEARNS COMPANIES INC 8 A A 70.2 1.3 1.2 7.8 0.1 0.0 4.4 60.0 3,370.6
SCHWAB (CHARLES) CORP 8 A 19.0 10.0 8.4 149.7 0.2 0.1 20.0 24.2 1,375.9
DONALDSON LUFKIN & JENRETTE 9 A- 54.9 1.2 1.1 15.5 0.1 0.0 6.9 60.5 2,793.0
PAINE WEBBER GROUP 10 BBB+ BBB+ 61.9 1.3 1.2 13.8 0.1 0.0 6.9 48.8 2,188.4
WADDELL&REED FINL INC -CL A 11 BBB 60.8 16.0 10.8 @NC 0.8 0.7 43.4 49.2 488.6
BRASCAN CORP -CL A 11 BBB BBB 32.1 3.5 3.0 18.6 0.1 0.7 5.3 44.7 149.5
LEGG MASON INC 11 BBB BBB 21.0 2.7 2.3 86.8 0.3 0.2 13.1 26.6 588.9
JEFFERIES GROUP INC 12 BBB- BBB- 31.0 2.5 2.0 50.1 0.3 0.1 12.7 27.9 712.4
AMERITRADE HLDG CORP -CL A 17 B 19.7 1.5 1.5 20.8 0.2 0.1 7.9 27.2 1,343.1
Average 50.1 3.4 2.8 33.7 0.2 0.2 10.8 47.0 2,180.6
61
Standard & Poor’s Research Insight Report & Chart Library
S&P Long-Term Issuer Credit Rating Ratios (FIXEDRAT)
Description
This report compares nine ratios for a company to other companies in its industry. The results are grouped by
Senior Debt Rating category. (Note: Before you run this report, you must first run the Fixed Income screen and
save the sets. For instructions on running this screen, see page 58).
AMOCO CORP S&P LONG TERM ISSUER CREDIT RATING RATIOS
TICKER: AN
FY: 12 PETROLEUM REFINING
DATE: Dec97 SIC: 2911
CURRENT RATING AS OF: 23Apr98
SENIOR DEBT RATING: AAA
Long Term Debt Pretax Cash Flow
% of Total Capital Interest Coverage Interest Coverage
x x
Rating Min Avg Max Min Avg Max Min Avg Max
————-
AAA 3.5 17.0 37.6 5.2 11.9 15.8 6.6 13.9 20.5
AA 15.6 21.6 26.8 4.3 10.3 15.9 4.7 10.7 14.6
A 16.0 28.2 41.6 5.2 8.8 17.6 6.6 11.3 28.7
BBB 27.1 42.4 66.5 0.6 4.2 7.3 2.3 5.1 7.7
Speculative 25.7 51.2 69.2 0.3 3.1 8.3 0.9 4.5 12.4
In Default @NC @NC @NC @NC @NC @NC @NC @NC @NC
AMOCO CORP 22.3 9.9 13.0
Cash Flow % of Asset Equity Book Value/
Long Term Debt Turnover Book Value of Liabilites
x
Rating Min Avg Max Min Avg Max Min Avg Max
————-
AAA 56.7 260.6 683.6 1.0 1.0 1.3 0.7 0.9 1.1
AA 73.4 111.2 158.7 0.7 1.0 1.3 0.4 0.7 1.2
A 53.2 89.6 171.1 0.7 1.2 1.6 0.5 0.7 0.9
BBB 7.9 44.4 107.2 0.6 1.5 2.8 0.3 0.6 1.1
Speculative -1.2 28.7 66.3 1.5 2.2 3.3 0.3 0.5 1.1
In Default @NC @NC @NC @NC @NC @NC @NC @NC @NC
AMOCO CORP 107.9 1.0 1.0
Return on Total Operating Income Total Liabilites %
Capital % of Sales of Tangible Net Worth
%
Rating Min Avg Max Min Avg Max Min Avg Max
————-
AAA 11.2 12.8 15.9 14.1 16.3 17.6 92.1 110.3 140.4
AA 5.4 12.1 14.9 13.1 17.7 25.5 86.4 167.1 302.2
A 6.8 11.3 14.3 8.8 15.0 21.8 107.4 161.9 194.8
BBB -1.0 8.0 29.5 4.8 13.7 43.9 -465.9 163.6 333.2
Speculative -5.6 3.4 6.8 2.6 7.1 10.6 88.6 245.5 383.3
In Default @NC @NC @NC @NC @NC @NC @NC @NC @NC
AMOCO CORP 12.8 17.6 99.1
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