You are assessing the financial leverage of two airline companies, AirJet and SkyWings, to understand their debt levels.

Requirements:

1. AirJet has total liabilities of $1.2 billion and total assets of $2.5 billion as of December 31, 2023. SkyWings has total liabilities of $900 million and total assets of $3 billion on the same date.
2. Calculate the debt ratio for both companies.
3. Determine which company has a higher proportion of its assets financed by debt.