Úpravy finančních výkazů ve finanční analýze podle ratingových agentur

This bachelor’s thesis analyses financial statement adjustments in credit analysis according to the methodologies of Moody’s Ratings, S&P Global Ratings and Fitch Ratings. The aim of the thesis is to analyse selected financial statement adjustments and assess their impact on financial ratios. The thesis specifically focuses on pension obligations, leasing, restricted cash, and factoring. Based on a comparison of the agencies’ methodologies and model examples, the impacts of these adjustments on debt, liquidity, profitability, activity, selected cash flow ratios and interest coverage are analysed. The results show that these adjustments can significantly affect the assessment of a company’s financial position and in some cases lead to a different view of its credit profile compared to reported accounting values. The thesis also confirms that the approaches of individual rating agencies differ in certain areas, however, they aim to capture the economic substance of transactions and increase comparability among non-financial companies.