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ИД «Финансы и кредит»






Financial Analytics: Science and Experience

Rating investment projects of user-defined duration under regular redemption schedule: A new approach

Vol. 15, Iss. 3, SEPTEMBER 2022

Received: 7 October 2019

Received in revised form: 21 October 2019

Accepted: 30 October 2019

Available online: 30 August 2022


JEL Classification: G24, G32

Pages: 290–313


Petr N. BRUSOV Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Tat'yana V. FILATOVA Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Natal'ya P. OREKHOVA Southern Federal University (SFEDU), Rostov–on–Don, Russian Federation

ORCID id: not available

Veniamin L. KULIK Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject. This article discusses the rating of investment projects of arbitrary duration with even repayment of debt.
Objectives. The article aims to modify the methodology of the rating systems of investment projects and develop a fundamentally new approach to the methodology of project rating.
Methods. For the study, we used the modern theory of capital cost and capital structure by Brusov-Filatova-Orekhova (BFO theory), its modification for rating needs, original BFO investment models, and rating coefficients.
Results. The article presents a modification of the methodology of current project rating systems and a developed approach to the methodology of project rating.
Conclusions. The presented modification of the methodology of current project rating systems will help improve the correctness of rating of investment projects and make it more objective. The developed approach can be used by rating agencies, both international and Russian when rating investment projects.

Keywords: project rating, discounting, financial flows, coverage ratios, leverage ratios


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Vol. 15, Iss. 3
September 2022