JCR calculated financial indicators by rating range (average values) using financial data of corporations, to which JCR assigns ratings (including 'p' ratings and ratings under Credit Monitor), as part of objective validation of the adequacy of JCR's ratings. This report is the updated 2014 version of the last "Financial Indicators by Rating Range 2013" released on November 12, 2013. The ratings are determined both quantitatively and qualitatively, but consistency between the grades of rating ranges and financial indicators, which should exist as a base, has been reaffirmed by these statistics. JCR calculates financial levels and uses them to check individual ratings. Since JCR not only conducts evaluation and qualitative assessment for indicators other than those shown in this report, but also takes into consideration future prospects when actually determining ratings, the said ratings are not necessarily assigned to the corporations, which satisfy average values given in this report.
Time Period for Data Collection
Two time periods are adopted for data collection: "the most recent FY" (from April 2013 to March 2014) and "the most recent 5 fiscal years" (from April 2009 to March 2014). (The previous two time periods are from April 2012 to March 2013 for the most recent FY and are from April 2008 to March 2013 for the most recent 5 fiscal years.)
Data Used
Data for Japanese industrial corporations (excluding financial institutions, electric power and gas companies, air transport, agriculture and forestry, fishery, and mining industries) subject to JCR's ratings were used. JCR related the financial indicators to the JCR's ratings that were assigned when 5 months have passed since the end of the fiscal year (for example, FY ended March 31, 2014 referenced to JCR's rating as of August 31, 2014). As a result, the number of corporations subject to data collection from April 2009 to March 2014 totaled 982 for manufacturing industry (190 for the most recent FY only) and totaled 856 for non-manufacturing industry (164 for the most recent FY only).
