Calculating Ratios and Estimating Credit Rating The following data are from Kellogg's 10-K report dated December 29, 2018 ($ millions). Revenue $13,547 Earnings from continuing operations $1,344 Interest expense 287 Tax expense 181 Amortization expense Depreciation expense 23 493 Capital expenditures (CAPEX) 578 Total debt 8,893 Average assets 17,066 a. Use the data above to calculate the following ratios: EBITA/Average assets, EBITA Margin, EBITA/ Interest expense, Debt/EBITDA, CAPEX/Depreciation Expense. Definitions for these ratios are in Exhibit 7.4. b. Refer to Exhibit 7.4 and the ratios you calculated in part a. Estimate the credit rating that Moody's might assign to Kellogg. Round answers to one decimal place (percentage ex: 0.2345 = 23.5%) EBITA/Avg. assets EBITA margin Ratio 10.8 % 13.5% Aa Moody's rating Aaa EBITA/Int. expense Debt/EBITDA 639.4 Aa 382 Aaa CAPEX/Dep. expense 117.2 X B