S & P one of the leading credit rating organisations and publisher of financial information and research services, identifies its debt rating process as outlined in the question.

Standard & Poor's undertakes quantitative and qualitative analysis in the rating assignment process, and comments that it must be remembered that a rating is, in the end, an opinion and 'the rating experience is as much an art as it is a science'. As part of the process, entities are required to provide Standard & Poor's with five years of audited financial statements and the last several interim statements. The analytical process involves consideration of an entity's business risk and financial risk. In assessing the business risk, Standard & Poor's is interested in an entity's industry characteristics and competitive position. The assessment of financial risk involves consideration of financial characteristics, financial policy, profitability, capital structure, cash flow protection and financial flexibility.
Required
Prepare a checklist, under each of the financial risk categories, of the items or ratios that you believe Standard and Poor's would investigate or calculate when assessing financial risk.

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Standard & Poor's analyst driven rating process Ratings request from issuer Meeting with issuer management Initial evaluation Notification to issuer Rating committee review and vote Analysis Publication and dissemination of public rating opinions Surveillance of rated issuers and issues