$(1)$ Economic sensitivity $-$ How sensitive is the company's financial position to a weakening or improving economy? Long$-$lived entities can warrant a high rating, but more speculative organizations are more sensitive to the economy and warrant a lower rating.

$(2)$ Interest coverage ratios $-$ Can the company continue to cover interest payments on its bonds given various "stress test" environments? Interest coverage ratios are by far the most important measure as they show just how risky the bond is if a company or governments revenues decline.

$(3)$ Covenants $-$ How strong are the covenants on the bond issue? Do the covenants keep the company from making poor capital allocation decisions that risk the bondholders' investment? See the audited financial statements.

$(4)$ Seniority $-$ Some bonds are paid before others in the event the company runs out of cash. Does the bond run the risk of going into default given that it is higher or lower on the totem pole?