DBRS is a large bond-rating agency in Canada that develops credit ratings for companies as a whole and also for its specific securities.

Instructions
Access the agency's website at www.dbrs. com and, under the "About Ratings" heading, locate and investigate information for any specific non-financial industry on how DBRS approaches credit rating analysis within that industry. Also search and find the document: "DBRS Criteria: Financial Ratio Definitions and Accounting Adjustments-
Non-Financial Companies."

(a) Briefly explain the role that the financial risk rating plays
in the overall DBRS rating analysis process.
(b) Identify the particular industry you have chosen. List
the factors considered in assessing the specific industry,
a company's general business risk profile, and the general
financial risk profile, including any primary financial risk
assessment metrics determined (specific ratios considered).
(c) For the financial ratios identified in part (b) above, provide
definitions that DBRS uses for all terms used in calculating
the specific ratios. Is ratio analysis an art or a science? Explain.