E19.1. Credit Scoring: A Decline in Credit Quality? (Medium) The following numbers are extracted from the financial
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E19.1. Credit Scoring: A Decline in Credit Quality? (Medium) The following numbers are extracted from the financial statements for a firm for 2008 and 2009. Amounts are in millions of dollars. 2008 2009 Sales 4,238 3,276 Earnings before interest and taxes 154 (423) Current assets 1,387 976 Current liabilities 1,292 1,390 Total assets 3,245 3,098 Book value of shareholders' equity 1,765 1.388 Retained eamings 865 438 At the end of 2008, the firm's 80 million shares traded a $25 each, but by the end of 2009 they traded at $15. Commentators blamed the drop on an increase in the risk of bankruptcy. Conduct a credit scoring analysis that indicates how much the likelihood of bankruptcy increased over the year.
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