Ratings : Critical Analysis and New Approaches of Quantitative and Qualitative Methodology

Introduction -- The Importance of Rating and the Disadvantages of Existing Rating Systems -- Part I Corporate Finance Theories used in Ratings and in Rating Methodologies -- Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory) -- Modification of the Modigliani–Miller theory for the case of advance tax on profit payments -- Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory) -- Part II Ratings and Rating Methodologies of Non–financial Issuers -- Application of the Modigliani–Miller Theory in Rating Methodology -- Application of the Modigliani–Miller Theory, Modified For the Case of Advance Payments of Tax on Profit, in Rating Methodologies -- Application of Brusov–Filatova–Orekhova theory (BFO theory) in Rating Methodology -- Part III Project Ratings -- Investment Models with Debt Repayment at the End of the Project and Their Application -- Investment Models with Uniform Debt Repayment and Their Application -- A New Approach to Ratings of the Long–Term Projects -- Ratings of the Investment Projects of Arbitrary Durations: New Methodology -- Ratings of Investment Projects of Arbitrary Duration with a Uniform Debt Repayment: a new approach -- Part IV New Meaningful Effects in Modern Capital Structure Theory (BFO Theory) Which Should be Accounting in Rating Methodologies -- The Golden Age of the Company (Three Colors of Company’s Time) -- A "silver age" of the Companies. Conditions of existence of "golden age" and "silver age"effects` -- Inflation in Brusov–Filatova–Orekhova Theory and in Its Perpetuity Limit–Modigliani–Miller Theory -- A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage Level -- The Impact of Taxing and Leverage in Evaluation of Capital Cost, Capitalization of the Company and Issued Ratings -- Recommendations to international rating agencies (Big Three (Standard & Poor’s, Fitch and Moody's), European) and national ones (ACRA, Chinese etc.) -- Conclusions.