Ratings

Total revenue less interest expense. Better measure of revenue trends, since it reduces swings in revenues caused by changing interest rates on highly leveraged balance sheets.

Total expense less interest expense.

Pretax income less taxes but before payment of preferred dividends.

Pretax profit less net interest income.

Total assets less reverse repurchase agreements. Reverse repos are backed out of some leverage calculations in recognition of their extremely low risk characteristics and lack of funding requirements.

Common equity plus preferred equity.

Pretax income divided by a two-point average of total equity.

Net income divided by average total equity.

Pretax income divided by average assets.

Net income divided by average total equity.

Standard & Poor's defines less liquid assets as including property, intangible assets, merchant banking assets, junk bonds, unsecured loans, and commodities.

Debt with original maturities greater than one year.

Debt issued with less than one year that in public financial reports is usually unsecured.