Calculating Ratios and Estimating Credit Rating The following data are from Under Armour's 2015 10-K report ($ thousands).

Revenue	$3,985,535	Earnings from continuing operations	$233,572
Interest expense	14,406	Capital expenditures (CAPEX)	298,928
Tax expense	154,112	Total debt	669,000
Amortization expense	13,840	Average assets	2,481,992
Depreciation expense	90,600

a. Use the data above to calculate the following ratios: EBITA/Average assets, EBITA Margin, EBITA/Interest expenses, Debt/EBITDA, CAPEX/Depreciation Expense.

b. Using the ratios you calculate in part a., estimate the credit rating that Moody's might assign to Under Armour.

Refer to Exhibit 7.6 in the textbook for ratio definitions and credit ratings. Round answers to one decimal place (percentage ex: 0.2345 = 23.5%)

	Ratio
EBITA/Avg. assets	%
EBITA margin
EBITA/Int. expense
Debt/EBITDA
CAPEX/Dep. expense