It should be accompanied by an examination of the debt interest coverage ratio.

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Now Bucksbaum will hike his company's debt ratio from 56% to 70% and drive down its interest coverage (earnings before interest, taxes, depreciation and amortization divided by interest) from two to 1.6 times.

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To put some figures around the issue, the ratings agency notes a debt to EBITDA ratio of 23, which has swelled from just 2 times earnings a year ago, and interest coverage down to 0.6 times from 3.7 times.

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