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Tabel 2.1 Default Spreads and Interest Rates – January 2011
Bond Rating
Default Spread
Interest Rate on Debt
AAA
0.50%
4.00%
AA
0.65%
4,15%
A+
0.85%
4.35%
A
1.00%
4.50%
A-
1.10%
4.60%
BBB
1.60%
5.10%
BB+
3.00%
6.50%
BB
3.35%
6.85%
B+
3.75%
7.25%
B
5.00%
8.50%
B-
5.25%
8.75%
CCC
8.00%
11.50%
CC
10.00%
13.50%
C
12.00%
15.50%
D
15.00%
18.50%
Kemudian perhitungan biaya hutang (cost of debt) dapat dilakukan dengan
formula rumus sebagai berikut:
Keterangan:
Risk Free Rate (RFR)
= tingkat bebas bunga ( BI Rate)
Default spread for country
= tingkat selisih risiko bagi Negara
Default spread for firm
= tingkat selisih risiko bagi perusahaan
Cost of debt
= Risk Free Rate + Default spread for country + Default spread for firm
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