Ratings

Petr Nickitovich Brusov is professor at the Financial University under the Government of the Russian Federation (Moscow)He has been a visiting Professor of Northwestern University (USA), Cornell University (USA) and Osaka City University (Japan) among other places. He is the author of over 500 research publications including six monographs, numerous textbooks and articles.Tatiana Filatova is professor at the Financial University under the Government of the Russian Federation (Moscow). In the past 20 years, she has been dean of the faculties of financial management, management, state and municipal government  at the Financial University. Tatiana Filatova is the author of over 250 research publications including five monographs, numerous textbooks and articles.Natali Orekhova is professor of the Center of Corporate Finance, Investment, Taxation and Rating at the Southern Federal University, Rostov-on-Don, Russia. She has been a leading scientist of the FinancialUniversity under the Government of the Russian Federation. She is the author of over 100 research publications including three monographs, numerous textbooks and articles.

• 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.