E4-22.4 Assigning a Long-Term Debt Rating Using Financial Ratios Refer to the information below from Nordstrom Inc.'s 2016 financial statements. Use the information to answer the requirements ($ millions). $14,095 560 376 153 600 1,117 595 Sales.. Depreciation expense. Tax expense Interest expense, gross Earnings from continuing operations (Net income) EBITA Cash Average total assets. Total debt. Noncurrent deferred tax liabilities Noncontrolling interest. Equity .. Dividends paid Cash from operating activities 8,472 2,805 324 0 871 1,185 2,451 Required a. Compute the following seven Moody's metrics for Nordstrom. See Appendix 4A for definitions. EBITA to average assets Operating margin EBITA margin EBITA interest coverage Debt to EBITDA Debt to book capitalization Retained cash flow to net debt b. Use your computations from part a, along with measures in Exhibit 4.7, to estimate the long-term debt rating for Nordstrom