ajorly on the accounting statements of a business. Accurate and transparent accounting books can motivate financial institution to grant credit facilities to business. On the rating, unclear books of accounting that could be as a result of interference by the management or workers have a negative implication on the assessment of the creditworthiness of the business. The agencies would also use the accounting theories in areas as depreciation, goodwill, consolidations and pension provisions that would demonstrate a true figure of financial performance (Pinto, 2006).
良好的财务表现出一个组织财务的可信赖性和问责制。财务报告清楚地表明一家企业在财务上是有纪律的。信贷机构主要依赖企业的会计报表。准确和透明的会计账簿可以激励金融机构向企业提供信贷便利。在评级方面，管理层或员工的干预可能导致会计账簿不清，这对企业信誉的评估有负面影响。这些机构还将在折旧、商誉、合并和养老金准备金等领域使用会计理论，以证明财务业绩的真实数字。
Quantitative analysis 定量分析
Other than the qualitative analysis where there is detailed assessment of the finances is analyzed there is also a quantitative survey by the credit rating agencies. Quantitative analysis deals more with the cash generation ability of the issuers. To detect long-term sustainability an important ratio is considered, the profitability and the debt coverage ratio this requires the provision of financial projections for a period of next three or five years. The quantitative measure and development and trend are significant in the analysis.
除了对财务状况进行详细评估的定性分析外，信用评级机构还进行了定量调查。定量分析更多地涉及发行人的现金产生能力。为了检测长期可持续性，paper提出需要考虑一个重要的比率，即盈利能力和债务覆盖率，这需要提供未来三年或五年的财务预测。定量测量和发展趋势在分析中具有重要意义。
Profitability 盈利能力
Profitability is determined a by a number of financial ratios. The ability to make profit is the main determinant of the level of credit protection and the degree of credit risk for investors. The potential to obtain capital internally and enter the external capital sources is directly proportional to the company’s returns and operating margins. The margins i.e. operating income and sales provide the issuer’s profitability as a result of revenue growth excluding the profits. Comparisons are possible due to companies of the same level (Kisgen & Strahan, 2010).
盈利能力由许多财务比率决定。盈利能力是决定投资者信用保护水平和信用风险程度的主要因素。内部获得资本和进入外部资本来源的潜力与公司的回报和营业利润率成正比。利润率，即营业收入和销售额，为发行人提供了不包括利润在内的收入增长带来的盈利能力。由于同一级别的公司，可以进行比较。
Cash flow 现金流
Payments of interest or principle are not made on the earnings Even though it seems to be connected to the profitability. When the operating cash flow is enough to services the debt and its operation that is the time it can be used to make payments.
利息或本金的支付不在收益上，即使它似乎与盈利能力有关。当经营现金流足以偿还债务及其运营时，即为可用于支付的时间。
In credit rating methodology, cash flow is being taken as the most important as an essential part of the analysis. It is not possible to cover underperformance or loses through funds from external sources. Specific attention is on the extent the issuer depends on external funds and cashflow from operations.
在信用评级方法中，现金流被视为最重要的分析组成部分。无法通过外部资金弥补业绩不佳或亏损。特别关注的是发行人对外部资金和运营现金流的依赖程度。
For companies to make future obligations, their cash flows are integral. It further focuses on the leverages, coverage, and earnings which are used accounting methods which are a particular and different valuation of assets. This implies that at no point it will mirror the correct financial position of the issuer and his ability to service the debt (Kisgen & Strahan, 2010).
对于承担未来债务的公司来说，其现金流是不可或缺的。它进一步关注杠杆率、覆盖率和收益，这些都是使用的会计方法，是对资产的一种特殊和不同的估值。这意味着它在任何时候都不会反映发行人的正确财务状况及其偿债能力（。
Flexibility of finances 财务灵活性
When the company is under constrains, they react in a particular way shown by the financial flexibility. The rating checks at the debt serving during the time in which the finances are volatile in the business and in case the company could be having any other sources considered as external. The financial flexibility is directly proportional to funding options that are available for business. The flexibility in the finances is affected by the debt levels especially the short-term debts. Other effects to financial flexibility are loans with more restrictive terms, possibilities of legal issues, insurance covers mis
