Detailed factors that are considered for analysis of managerial risk include

1) ownership and management structures, 2) the senior management team’s managerial ability, 3) corporate vision and cultures, 4) business policies and strategies, 5) other unique factors.

Detailed rating factors include

1) business risk of the conglomerate, 2) financial risk of the conglomerate, 3) issuer’s reliance on affiliates, 4) affiliates’ ability to provide capital, payment guarantees, or collaterals.