Credit Health Panel

The Methodology for Determining

A Relative Credit Health Score
NOVEMBER 2013

S&P Capital IQ Global Markets Intelligence

Introduction
The Credit Health Panel [CHP] is a workflow tool designed to aid the evaluation the credit
1
worthiness of a chosen company [Focus Company] relative to a unique group of industry peers .
The key analytical element of the CHP tool is the relative credit health score [CHP Score]. The CHP
Score is a relative quartile ranking [Top, Above Average, Below Average and Bottom] that
expresses the credit worthiness of the Focus Company relative to its unique peer group. The CHP
scores are delivered at three levels for each Focus Company:

Overall Score for the company

Financial panels scores [Operational, Solvency, Liquidity panels]
Fundamental metrics scores2
3

Utilizing standardized fundamental data from publicly available financial statements , CHP applies
a proprietary peer group calculation and scoring methodology to determine the CHP Scores for a
Focus Company relative to its unique peer group. This paper explains the data and the
methodology for determining CHP Scores.

Data
CHP uses standardized fundamental data sourced from Capital IQ, a Standard & Poors business.
This data set includes companies that are rated by Standard & Poors Ratings Services as well as
those that are not.

Standardized Data From Capital IQ

Financial statements are standardized from reported financial statements via the Capital IQ
proprietary methodology to align them in a format that can be compared across industry groups,
accounting standards and national boundaries. For example, standardization allows users to
compare revenue reported by an aerospace and defense company with revenue from an auto
manufacturer.
1

The Credit Health Panel is independent of the Standard & Poors credit ratings organization and the relative
credit health score (CHP Score] is not a credit rating. The Credit Health panel is provided by S&P Global
Markets Intelligence which is analytically and editorially independent from any other analytical group at
Standard & Poors, including Standard & Poor's Ratings Services.
2

The approach used at the fundamental metric-level, is based on a relative ranking system that uses the
mean and standard deviation rather than the quartile approach.

As sourced from Capital IQ .

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The Methodology for Determining A Relative Credit Health Score | November 2013

Selecting The Core Universe For CHP

We screen the Capital IQ data for non-financial companies that have filed public financials within
the past two years, and utilize only companies that meet that criterion.
We normalize the last twelve month [LTM] financials of the Focus Companys peer group to the
Focus Companys reporting currency by using the spot exchange rate.
In addition, we exclude companies that do not meet certain data quality and availability thresholds.

Currency
To enhance comparability for purposes of CHP, we convert the financial statements of the Focus
Companys GICS peer group universe to the Focus Companys reporting currency by using the
spot exchange rate.

Coverage
The Credit Health Panel data set of more than 210,000 companies includes companies that are
rated by Standard & Poors as well as those that are not. The coverage is depicted on a regional
basis in the following table:

Global Credit Health Panel Coverage by Region as of November 6, 2013

Americas

APAC

EMEA

Total

Rated Entities

2,340

1,023

759

4,122

Non-Rated Entities

6,837

19,476

179,580

205,893

Total

9,177

20,499

180,339

210,015

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The Methodology for Determining A Relative Credit Health Score | November 2013

Methodology Components
The CHP Score methodology consists of three components:
1. Creating a unique peer group for the Focus Company
2. Performing comparisons of fundamental metrics within the peer group
3. Applying an iterative scoring methodology at the fundamental metric-, panel- and company-levels

Component 1: Creating A Unique Peer Group For The Focus Company

The Focus Company can be compared to a GICS based peer group or a custom peer group as
defined by the user.

S&P GICS Based Peer Group

We determine the set of CHP Scores for the Focus Company by comparing it to a group of close
peers. Starting from a basis of the Focus Companys industry peers, we isolate a group of
similarly-sized peers by determining where the Focus Company sits within the industry universe
based on a financial ranking criterion.
The Industry Peer Group Universe
The initial universe is based on the Focus Companys eight-digit Global Industry Classification
Standard [GICS] code. [The GICS code classification corresponds to a business or industrial
activity such as Oil & Gas Drilling or Wireless Telecommunication Services.]
The Financial Ranking Criterion
4
We rank the GICS universe based on the average of last 12-month [LTM] revenue and EBITDA to
determine where the Focus Company ranks within its industry. This criterion is useful because its
data components are widely available, readily comparable and easy to interpret. For private
companies [we are not changing the logic for Public companies]: If the company has Revenue but
not EBITDA we use [Operating Income + D&A] from the Income Statement for EBITDA and use the
existing methodology.
Constructing The Focus Companys Unique Peer Group
We then select a unique peer group from the companies that are closest to the Focus Companys
position in the ranked universe. A Focus Companys peer group comprises the next 20 higherranked companies, if available, and the next 20 lower-ranked companies, if available, as follows:

If the Focus Company is ranked at the top of its GICS code universe, then its unique peer group
comprises the Focus Company and the next 20 lower-ranked companies for a total of 20 peers.
If the Focus Company is ranked second from the top of its GICS code universe, then its unique
peer group comprises the Focus Company, the one higher-ranked company and the next 20
lower-ranked companies for a total of 21 peers.
If the Focus Company is ranked somewhere in the middle of its GICS code universe, then its
unique peer group comprises the Focus Company, the next 20 higher-ranked companies and
the next 20 lower-ranked companies for a maximum of 40 peers.
If the Focus Company is ranked at the bottom of its GICS code universe, then its unique peer
group comprises the Focus Company and the next 20 higher-ranked companies for a total of
20 peers.
4

EBITDA = Earnings Before Interest, Tax, Depreciation and Amortization.

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The Methodology for Determining A Relative Credit Health Score | November 2013

Therefore, a Focus Companys unique peer group could consist of a minimum of 5 companies and
5
a maximum 41 companies [including the Focus Company itself] .

Creating a Custom Peer Group

A custom peer group can be constructed by using the Credit Health Panel advanced search
function to screen and select companies for a group that will be most relevant for your analytical
needs. The advanced search provides multiple criteria such as geography, industry, ratings and
functional metrics used by the Credit Health Panel.

Component 2: Performing Financial Comparisons

We utilize a set of fundamental metrics to analyze a companys relative credit health. These
metrics form the basis for consistent financial comparison among the constituents of a unique
peer group.
We measure a Focus Companys credit health from three main perspectives: ability to generate
income, ability to manage its balance sheet, and ability to repay its debt obligations on time. We
selected a total of 24 fundamental metrics to use to perform financial comparisons. These
fundamental metrics are grouped into three equally weighted panels:

Operational-related metrics
The fundamental metrics we selected are useful in analyzing a Companys ability to generate
sustained profits from primary business operations and its resilience against impact on earnings
or cash flow measures. Please refer to the Operational-Related Fundamental Metrics table in
Appendix for the list of operational related financial metrics.

Solvency-related metrics
The fundamental metrics we selected are useful in analyzing ability of a Companys cash flow and
operating profits to meet periodic interest payments and pay total financial leverage. These
fundamental metrics also analyze the Companys capital structure to measure degree of reliance
on external financial capital. Please refer to the Solvency-Related Fundamental Metrics table in
Appendix for the list of solvency related financial metrics.

Liquidity-related metrics
The fundamental metrics we selected are useful in analyzing a Companys ability to repay its debt
obligations on time and to mitigate unforeseen contingencies. Please refer to the LiquidityRelated Fundamental Metrics table in Appendix for the list of liquidity related financial metrics.

Should a GICS code consist of 41 companies or fewer, the peer group will include all companies within the
GICS code. For more information, please visit: http://www.standardandpoors.com/indices/gics/en/us
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The Methodology for Determining A Relative Credit Health Score | November 2013

Component 3: Applying An Iterative Scoring Methodology

The Overall CHP Score is the result of an aggregation process. We first score metrics within each
panel. We then aggregate those scores at each panel level [operational, solvency, liquidity]. And,
lastly, we roll up the three panel-level scores at the company-level in order to generate the Focus
Companys CHP Score, as illustrated in the following diagram:

Producing A Relative Ranking Score at the fundamental metric-level

Scoring at the fundamental metric-level is performed by comparing the subject value with the
mean value of the unique peer group. We express the distance of the subject value from the mean
in terms of standard deviation. The resulting standard deviation is mapped to a score expressed as
Top, Above Average, Below Average and Bottom and assigned a corresponding numeric value
ranging from +2 to -2 as shown in the following diagram.

These numeric values are then used to perform aggregation at the panel- and
company-levels.

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The Methodology for Determining A Relative Credit Health Score | November 2013

Generating Scores At The Panel Level

The numeric values of the metric-level are first aggregated at the panel-level, and then divided by
6
the number of each panel constituents, to create an average at the panel-level.
Panel

Liquidity

Line Item

Short Term Debt

Score
Numeric

[FFO + Cash] to

FFO to Gross
Profit

Basic Defense
Interval

Current Ratio

Quick Ratio

Top

Top

Above Average

Below Average

Bottom

+2

+2

+1

-1

-2

We perform the above-mentioned process for each company in the unique peer group, for each
panel separately [operational, solvency and liquidity]. This exercise produces 3 sets of numeric
panel-level values across the group. We then rank these sets within the unique peer group, and
apply a quartile-based scoring logic to the resulting values:

The resulting rank is transformed into a score expressed as Top, Above Average, Below Average
and Bottom depending on the corresponding quartile of the rank distribution, and assigned a
corresponding numeric value ranging from +2 to -2 as shown in the following diagram.

Tie-breaker Rules At The Panel Level

CHP maintains an equal number of companies in each quartile, in order to avoid unwanted skewing
of the distribution of the companies across the quartiles. To this purpose, when the normal ranking
process would concentrate more companies in a specific quartile [and too few in another], CHP
looks at specific tie-breaker ratios, that will resolve the ties, and redistribute companies across
different quartiles more evenly.

Note: The numeric values shown in the table are not displayed on the CHP. The numeric values are used
solely to aggregate the scores.
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The Methodology for Determining A Relative Credit Health Score | November 2013

The tie-breaker ratios considered for each panel are the following:
Panel

Operational

Solvency

Liquidity

Overall

Tie-breaker line item

Priority

Impact on Score

Gross Profit/Revenue

Positive

EBITDA/Revenue

Positive

Return on Capital

Positive

Net Working Capital/Total Assets

Positive

Total Revenue

Positive

Total Debt/Capital

Negative

FFO to Total Debt

Positive

Net Debt to EBITDA

Negative

Total Debt/Total Revenue

Negative

Total Revenue

Positive

(FFO+Cash)/Short Term Debt

Positive

Quick Ratio

Positive

Current Ratio

Positive

Basic Defense Interval

Positive

Total Revenue

Positive

Total Debt/Capital

Negative

EBITDA/Revenue

Positive

Quick Ratio

Positive

Net Working Capital/Total Assets

Positive

Total Revenue

Positive

The methodology starts from the top quartile, ensuring that there are exactly [floor [n / 4]]
companies; if there are less than [floor [n / 4]] companies, it will look at the relevant tie-breaker
ratio for the companies in the rank immediately below, and will move the top ranked companies to
the top quartile, until the top quartile contains exactly [floor [n / 4]] companies; the converse will
happen when there are too many companies in the top quartile. The process is repeated then for
the next quartiles, ensuring there are always [floor [n / 4]] companies; the remainder out of the
[floor [n / 4]] companies is evenly redistributed in the lowest quartiles. So, for example, if there are
a total of 14 companies including the focus company, then [floor [n / 4]] = 3 and the quartiles will
contain [from top to bottom quartile] 3, 3, 4, 4 companies.

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The Methodology for Determining A Relative Credit Health Score | November 2013

Generating Scores At The Company Level

To generate a score at the company level, we start from the 3 individual panel-level values and
average them to determine an overall numeric value for each company. We then rank these values
for all companies within the unique peer group, and apply the quartile-based scoring logic to the
resulting values.

Tie-breaker Rules At The Company Level

In analogy to what is done at the panel level, CHP maintains an equal number of companies in each
quartile, also for producing the final score at the company level, avoiding unwanted concentration
of companies in specific quartiles. The methodology followed is similar to what described in the
paragraph Tie-breaker Rules At The Panel Level, and it is applied to the following tie-breaker ratio.
Total Debt / Capital [x]

The Focus Companys CHP Score

The result of the final ranking exercise determines the Focus Companys relative or overall Credit
Health Score [CHP Score] and the panel level scores are expressed as a quartile based ranking:
Top, Above Average, Below Average and Bottom.
Furthermore, within each panel [Operational, Solvency, and Liquidity] the Focus Companys
fundamental metric values are provided along with the corresponding peer group average.
Moreover, the weight of each fundamental metric contributing to the overall score is reported.

Conclusion
The CHP seeks to provide a consistent, quick snapshot of a companys relative financial
performance vs. a unique group of peers or companies. Therefore, we calculate fundamental
metric-, panel-level and company-level CHP scores programmatically using Capital IQ financials
adjusted using a proprietary methodology. This programmatic approach is designed to keep the
score calculation free of opinion. For example, CHP scoring intentionally excludes the type of
adjustments that Standard & Poors credit analysts make to financial statements when doing
credit analysis.

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The Methodology for Determining A Relative Credit Health Score | November 2013

Appendix
Ratio

Definition

Description

Impact
on Score

Operational-Related Fundamental Metrics

Size: Resilience against impact on earning or cash flow measures
Total Revenue

Total Revenues or Turnover

[The gross amount of funds
generated from sales]

Indicative of company size. Larger companies

are often able to better withstand adverse
impacts to revenue.

Positive

Total Equity

Total Equity

Indicative of company size and capital cushion

before debt holders are affected. Also points to
capacity to add leverage.

Positive

Profitability: Ability to generate earnings that could translate to better cash flow generation
Return on
Capital [%]

EBIT / [Total Equity + Total

Debt + Deferred Tax Liability
Non Current + Deferred Tax
Liability Current]

A measure of the company's ability to generate

operating profit from capital

Positive

Recurring Earnings/
Total Assets [%]

EBIT / Total Assets

A company's operating profit relative to its total

asset base

Positive

Net Working
Capital/
Revenue [x]

Net Working Capital / Total

Revenues

Receivables and inventory on hand to cover

payables, scaled by revenue to account for size
of company

Positive

Operating Efficiency: Indicates likelihood of generating sustained profits from primary

business operations
Asset Turnover [x]

Total Revenues / Total Assets

A measure of how efficient a company is at

using its assets to generate revenue/sales

Positive

Intangible Assets/
Revenue [x]

Total Intangibles / Total

Revenues

A measure of a company's assets that cannot

be easily converted to cash scaled by revenue
to account for size of company

Negative

Net Working
Capital/Total
Assets [x]

Net Working Capital /

Total Assets

A measure of operating efficiency in turning

raw materials into finished goods and
generating sales

Positive

Payables/
Receivables [x]

Accounts Payable, Total /

Accounts Receivable, Total

A measure of a company's ability to delay

payments to suppliers relative to its ability to
collect payments from customers

Positive

Management
Rate Of Return [%]

EBIT / [Net Property, Plant

and Equipment + Net
Working Capital]

A measure of how well a company is utilizing its

fixed assets [net of depreciation and
amortization] plus net working capital to
generate operating profits

Positive

Gross Margin [%]

Gross Profit / Total Revenues

Gross marginthe profit margin from sales

generated in primary business after cost of
goods sold

Positive

EBITDA Margin [%]

EBITDA/ Total Revenues

EBITDA marginthe profit margin from sales

generated in primary business after cost of
goods sold and selling, general and
administrative expenses

Positive

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Ratio

Definition

Description

Impact
on Score

Solvency-Related Fundamental Metrics

Cashflow ProtectionInterest: Ability of cash flow and operating profits to meet periodic
interest payments
FFO Interest
Coverage[x]

[Cash From Operations - Net

Cash From Discontinued
Operations] / [Interest
Expense, Total]

A measure of a company's available cash on

Positive
hand that can be used to pay its current debt
obligations [interest expense]. Typically
industry-specific levels and/or company-specific
indentures, loan documentation, etc. will
determine thresholds for debt acceleration
and/or default. A value less than 1 indicates
inability of the company to pay financial interest
with closest measure to cash on hand.

EBITDA/Interest
Exp [x]

EBITDA / [Interest Expense,

Total]

A measure of a company's available indirect

cash from operations that can be used to pay its
current debt obligations [interest expense].
Typically industry-specific levels and/or
company-specific indentures, loan
documentation, etc. will determine thresholds
for debt acceleration and/or default. A value less
than 1 indicates inability of the company to pay
financial interest with closest measure to
indirect cash from operations.

Positive

Cashflow ProtectionLeverage: Cash flow measures of ability to pay total financial leverage
FFO to Total Debt [x]

[Cash From Operations - Net

Cash From Discontinued
Operations] / Total Debt

A measure of a company's available cash on

Positive
hand that can be used to pay its debt obligations
[a proxy for debt amortization]. Typically
industry-specific levels and/or company-specific
indentures, loan documentation, etc. will
determine thresholds for debt acceleration
and/or default.

Net Debt/EBITDA [x]

[Total Debt - Total Cash and

Short Term Investments]/
EBITDA

A measure of net debt obligations [a proxy for

debt due less cash on balance sheet] relative to
a company's available indirect cash from
operations. Typically industry-specific levels
and/or company-specific indentures, loan
documentation, etc. will determine thresholds
for debt acceleration and/or default.

Negative

Capital Structure/Indebtedness: Degree of reliance on external financial capital

Total Debt to
Capital [%]

Total Debt / [Total Equity +

Total Debt + Deferred Tax
Liability Non Current +
Deferred Tax Liability Current]

An indicator of the company's financing

structure. This ratio indicates leverage - the
proportion of the company's capital that is
financed by debt.

Total Debt/
Total Liabilities [%]

Total Debt / Total Liabilities

A measure of the proportion of debt relative to

Positive
other liabilities. A lower number would indicate
periodic cash flows would get diverted toward
paying liabilities other than debt. A higher ratio is
therefore desirable for bond holders.

Total Debt/
Revenue [x]

Total Debt / Total Revenues

An measure of the company's debt relative to its

total revenue

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Negative

Negative

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The Methodology for Determining A Relative Credit Health Score | November 2013

Ratio

Definition

Description

Impact
on Score

Liquidity-Related Fundamental Metrics

Liquidity: Flexibility available to pay short term obligations and/or mitigate unforeseen
contingencies
[FFO + Cash] to
Short Term Debt [x]

[[Cash From Operations - Net

Cash From Discontinued
Operations] + [Total Cash and
Short Term Investments]] /
[Short-Term Borrowings +
Current Portion of Long-Term
Debt + Finance Division Debt
Current]

FFO to Gross Profit [x] [Cash From Operations - Net

Cash From Discontinued
Operations] / Gross Profit

A measure of a company's most liquid cash

assets [cash on hand and period-generated
cash flows] to meet short term financial
obligations

Positive

Cash generated through primary business

operations relative to revenues less cost of
goods sold

Positive

Basic Defense
Interval [days]

[[[Total Cash and Short Term

The number of days a company can cover its
Investments + Total
obligations with available cash, cash equivalents
Receivables + Finance Division and receivables.
Accounts Receivable +
Finance Division Cash and
Cash Equivalents + Finance
Division Short Term
Investments] / [Other
Operating Expenses, Total +
Interest Expense +Income
Taxes ]]] * 365

Positive

Current Ratio [x]

Total Current Assets / Total

Current Liabilities

Measure of the current assets available to cover

current liabilities

Positive

Quick Ratio [x]

[Total Cash and Short Term

Investments + Total Accounts
Receivable] / Total Current
Liabilities

Measure of the liquid current assets available to

cover current liabilities

Positive

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The Methodology for Determining A Relative Credit Health Score | November 2013

Important Disclosures
When CHP Scores are refreshed
The CHP scores are regenerated daily.

CHP Scores are not comparable to Standard & Poors credit ratings
Please note that CHP scores and rankings are not credit ratings and the results should not be
compared to Standard & Poors credit ratings. Any correlation or contradiction between the two is
coincidental. The Credit Health Panel is provided by S&P Global Markets Intelligence which is
analytically and editorially independent from any other analytical group at Standard & Poors,
including Standard & Poor's Ratings Services.
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