The analysis of fixed income security focuses on two types of risk: the discount rate and cash flows. The risk of the cash flows is known as credit risk. The standard practice in the finance industry to analyze credit risk follows the so-called 4C analysis. A key question is whether forms can generate enough revenue to make periodic coupon payments and principal repayment. EBITDA is a popular measure for the current capacity of cash inflows. Suppose you analyze a firm's financial statement over the past four years with the following evidence. The firm has a stable and increasing EBITDA. But there is a difference in R&D expenditure and dividend payouts. The R&D is decreasing, but the dividend payouts are increasing. You also check two macro factors. The economy is in expansion, and there is no crisis in the financial markets. Question: Please compare EBIDTA, R&D, and dividend payout. What is your outlook on the credit risk of this firm in the next few years? The analysis of fixed income security focuses on two types of risk: the discount rate and cash flows. The risk of the cash flows is known as credit risk. The standard practice in the finance industry to analyze credit risk follows the so-called 4C analysis. A key question is whether forms can generate enough revenue to make periodic coupon payments and principal repayment. EBITDA is a popular measure for the current capacity of cash inflows. Suppose you analyze a firm's financial statement over the past four years with the following evidence. The firm has a stable and increasing EBITDA. But there is a difference in R&D expenditure and dividend payouts. The R&D is decreasing, but the dividend payouts are increasing. You also check two macro factors. The economy is in expansion, and there is no crisis in the financial markets. Question: Please compare EBIDTA, R&D, and dividend payout. What is your outlook on the credit risk of this firm in the next few years