Moody’s Adjustments and Financial Ratios
Moody's Adjustments and Financial Ratios
Andrew Holmes
May 2014
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Moody's adjustments and financial ratios
Meet your Instructor...
Andrew Holmes
? Director, Leveraged Finance, Credit Suisse First Boston, New York and London
? Equity capital markets and Leveraged Finance, JP Morgan, New York
? MBA from University of Chicago ? 5 years in asset management
Moody's Adjustments and Financial Ratios 2
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Moody's Corporation
? Credit Ratings
? Corporate ? Financial Institutions ? Structured ? Municipal/Public
? Credit Research
? Credit Research & Risk Measurement ? Economic & Consumer Credit Analytics ? Enterprise Risk Solutions ? Structured Analytics & Valuations ? Professional Services ? Training & Certification
Moody's Adjustments and Financial Ratios 3
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Session Outline
Moody's adjustments and financial ratios
1
Financial Statement Adjustments
2
Operating Lease Adjustment
3
Defined Benefit Plan Adjustment
4
Other Possible Adjustments
5
Analyzing and Rating Hybrid Instruments
6
Key Financial Ratios
Moody's Adjustments and Financial Ratios 4
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Case Exercise
Financial statement adjustments
Calculate total debt, EBITDA and total debt/EBITDA
Moody's Adjustments and Financial Ratios 5
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Why the need for adjustments?
Debt adjustments for 9 major retailers
Moody's Adjustments and Financial Ratios 6
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Financial Statement Data Adjustments
Moody's Adjustments and Financial Ratios 7
? Moody's Analytics, Inc. and/or its licensors and affiliates.
Moody's Financial Statement Adjustments
Defined Benefit Pensions Operating Leases Finance Leases Capitalized Interest Capitalized Development Cost Interest Expense: discount of LT liabilities Hybrid Securities Securitizations Inventory on LIFO cost basis FFO and working capital consistency Unusual and non-recurring items Other analytical non-standard adjustments
US GAAP X X
IFRS X X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
JGAAP X X X X
X X
X X
Moody's Adjustments and Financial Ratios 8
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