Importance The article considers rating methodologies, their shortcomings and methods for improving these methodologies. Objectives The paper aims to generalize a new approach to the rating methodology using the modern theory of cost and capital structure by Brusov-Filatova-Orekhova (BFO theory). Methods The study uses the modern theory of capital cost and capital structure by Brusov-Filatova-Orekhova (BFO theory). Results In this work, the methodological and systemic shortcomings of the existing credit rating of non-financial issuers have been analyzed. The financial rating coefficients are incorporated into the general case of the BFO theory. The dependence of the weighted average cost of capital WACC on two types of rating coefficients has been investigated. Conclusions and Relevance Rating agencies, both international and Russian, should apply the developed approach when assessing the creditworthiness of issuers. The proposed method will allow to increase the correctness of various ratings making them more objective.
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