Determining Optimal Capital Structure requires considerable judgement depending on a number of factors. Could the economic sector in which companies operate be one of these factors?

We can put it in credit rating terms if you prefer: If, for the sake of simplicity, the only relevant ratio to observe was Net Debt to Ebitda, could a company with a ratio of 4.5x have the same rating than a company with a ratio of 1.5x (much less leveraged and thus sounder from a strictly financial point of view) depending on the sector?

If the answer is yes, it would mean the proportion of debt the minimizes the WACC and, therefore, maximizes the EV can be structurally different depending on the sector the company operates in.