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"Corporate Finance":Debt rating method

来源: 正保会计网校 编辑:小鞠橘桔 2020/12/30 17:25:23 字体:

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Questions 1:

A company issues new 20-year $1,000 bonds with a coupon rate of 6.2% payable semiannually at an issue price of $1,030.34. Assuming a tax rate of 28%, the firm’s annual after-tax cost of debt (%) is closest to:

A 、5.94.

B 、4.28.

C、 4.46.

Questions 2:

Using the debt-rating approach to find the cost of debt is most appropriate when market prices for a company’s debt are:

A、 below par value.

B 、unreliable.

C、 stable.

View answer resolution
【Answer to question 1】B

【analysis】

B is correct. The annual after-tax cost of debt is the after tax annual yield to maturity (YTM). Find the YTM by using a financial calculator as follows:

Corporate Finance:Debt rating method

Therefore, the associated after-tax value = 0.0428 = 0.0594 × (1 – 0.28). 

A is incorrect because it is the yield to maturity. 

C is incorrect because it is based on the coupon rate of 0.0620 annually

【Answer to question 2】B

【analysis】

B is correct. The debt-rating approach is used when the market prices for debt are unreliable or nonexistent. 

A is incorrect because prices below par value is not an indicator of a price being unreliable.

 C is incorrect because stable prices imply reliable prices.

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