Riset
Credit Downgrades, Refinancing Risk, and the Cost of Capital
From BI-Rate to WACC to equity value
Ringkasan
A downgrade raises the cost of debt by widening credit spreads. The pain concentrates in long-dated bonds and cascades into WACC and equity value through rising leverage and, at rating boundaries, the "spread cliff" of forced selling.
Poin utama
- Price loss is approximately spread duration times spread change.
- Hamada relevering links higher leverage to a higher cost of equity.
- Kredit
- WACC
- Relevan CFA
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