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If a company issued short-term debt and used the cash proceeds to redeem long-term debt does it have no effect on the liabilities to assets

If a company issued short-term debt and used the cash proceeds to redeem long-term debt does it have no effect on the liabilities to assets ratio and Liabilities to shareholders equity ratio? Does it decrease the Long-Term Debt to Lont-Term Capital ratio and Long-Term debt to Shareholders' Equity ratio

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