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.