Calculating Ratios and Estimating Credit Rating The following data are from Kellogg's 10-K report dated January 2, 2016 ($ millions). Revenue Interest expense Tax expense Amortization expense Depreciation expense $13,750 Earnings from continuing operations 245 Capital expenditures (CAPEX) 208 Total debt 8 Average assets 526 $681 553 7,560 15,408 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 calculated in part a., estimate the credit rating that Moody's might assign to Kellogg. 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 Moody's rating EBITA/Avg. assets EBITA margin % EBITA/Int. expense Debt/EBITDA CAPEX/Dep. expense