{
  "industryRisk": {
    "5": {
      "riskLevel": "Very Low Risk",
      "cyclicality": "Very Low",
      "ebitdaDeclineRange": "<5%",
      "examples": ["Pharmaceuticals", "Branded nondurables", "Healthcare equipment", "Telecommunications"]
    },
    "4": {
      "riskLevel": "Low Risk",
      "cyclicality": "Low",
      "ebitdaDeclineRange": "5-9.9%",
      "examples": ["Regulated utilities", "Environmental services", "Healthcare services", "Retail", "Technology software"]
    },
    "3": {
      "riskLevel": "Intermediate Risk",
      "cyclicality": "Moderate",
      "ebitdaDeclineRange": "10-19.9%",
      "examples": ["Capital goods", "Chemicals", "Technology hardware", "Business services", "Building materials"]
    },
    "2": {
      "riskLevel": "Moderately High Risk",
      "cyclicality": "High",
      "ebitdaDeclineRange": "20-29.9%",
      "examples": ["Oil & gas refining", "Homebuilders"]
    },
    "1": {
      "riskLevel": "High Risk",
      "cyclicality": "Very High",
      "ebitdaDeclineRange": "≥30%",
      "examples": ["Metals & mining", "Auto OEM", "Transportation cyclical"]
    }
  },
  "financialRisk": {
    "low": {
      "5": {
        "ebitdaToInterest": { "min": 8.0 },
        "debtToEbitda": { "max": 2.0 },
        "ffoToDebt": { "min": 0.60 }
      },
      "4": {
        "ebitdaToInterest": { "min": 6.0, "max": 8.0 },
        "debtToEbitda": { "min": 2.0, "max": 3.0 },
        "ffoToDebt": { "min": 0.45, "max": 0.60 }
      },
      "3": {
        "ebitdaToInterest": { "min": 4.0, "max": 6.0 },
        "debtToEbitda": { "min": 3.0, "max": 4.0 },
        "ffoToDebt": { "min": 0.30, "max": 0.45 }
      },
      "2": {
        "ebitdaToInterest": { "min": 2.5, "max": 4.0 },
        "debtToEbitda": { "min": 4.0, "max": 5.0 },
        "ffoToDebt": { "min": 0.20, "max": 0.30 }
      },
      "1": {
        "ebitdaToInterest": { "max": 2.5 },
        "debtToEbitda": { "min": 5.0 },
        "ffoToDebt": { "max": 0.20 }
      }
    },
    "standard": {
      "5": {
        "ebitdaToInterest": { "min": 12.0 },
        "debtToEbitda": { "max": 1.5 },
        "ffoToDebt": { "min": 0.60 }
      },
      "4": {
        "ebitdaToInterest": { "min": 8.0, "max": 12.0 },
        "debtToEbitda": { "min": 1.5, "max": 2.0 },
        "ffoToDebt": { "min": 0.45, "max": 0.60 }
      },
      "3": {
        "ebitdaToInterest": { "min": 5.0, "max": 8.0 },
        "debtToEbitda": { "min": 2.0, "max": 3.0 },
        "ffoToDebt": { "min": 0.30, "max": 0.45 }
      },
      "2": {
        "ebitdaToInterest": { "min": 3.0, "max": 5.0 },
        "debtToEbitda": { "min": 3.0, "max": 4.0 },
        "ffoToDebt": { "min": 0.20, "max": 0.30 }
      },
      "1": {
        "ebitdaToInterest": { "max": 3.0 },
        "debtToEbitda": { "min": 4.0 },
        "ffoToDebt": { "max": 0.20 }
      }
    },
    "high": {
      "5": {
        "ebitdaToInterest": { "min": 15.0 },
        "debtToEbitda": { "max": 1.75 },
        "ffoToDebt": { "min": 0.60 }
      },
      "4": {
        "ebitdaToInterest": { "min": 10.0, "max": 15.0 },
        "debtToEbitda": { "min": 1.75, "max": 2.5 },
        "ffoToDebt": { "min": 0.45, "max": 0.60 }
      },
      "3": {
        "ebitdaToInterest": { "min": 6.0, "max": 10.0 },
        "debtToEbitda": { "min": 2.5, "max": 3.5 },
        "ffoToDebt": { "min": 0.30, "max": 0.45 }
      },
      "2": {
        "ebitdaToInterest": { "min": 3.5, "max": 6.0 },
        "debtToEbitda": { "min": 3.5, "max": 4.5 },
        "ffoToDebt": { "min": 0.20, "max": 0.30 }
      },
      "1": {
        "ebitdaToInterest": { "max": 3.5 },
        "debtToEbitda": { "min": 4.5 },
        "ffoToDebt": { "max": 0.20 }
      }
    }
  },
  "liquidity": {
    "5": {
      "designation": "Strong",
      "currentRatio": { "min": 1.3 },
      "quickRatio": { "min": 1.0 },
      "cashRatio": { "min": 0.2 },
      "daysCashOnHand": { "min": 30 }
    },
    "4": {
      "designation": "Adequate",
      "currentRatio": { "min": 1.0 },
      "quickRatio": { "min": 0.7 },
      "cashRatio": { "min": 0.1 },
      "daysCashOnHand": { "min": 15 }
    },
    "3": {
      "designation": "Moderate",
      "currentRatio": { "min": 0.9, "max": 1.0 },
      "quickRatio": { "min": 0.5, "max": 0.7 },
      "cashRatio": { "min": 0.05, "max": 0.1 },
      "daysCashOnHand": { "min": 7, "max": 15 }
    },
    "2": {
      "designation": "Weak",
      "currentRatio": { "min": 0.8, "max": 0.9 },
      "quickRatio": { "min": 0.3, "max": 0.5 },
      "cashRatio": { "max": 0.05 },
      "daysCashOnHand": { "max": 7 }
    },
    "1": {
      "designation": "Very Weak",
      "currentRatio": { "max": 0.8 },
      "quickRatio": { "max": 0.3 },
      "cashRatio": { "max": 0 },
      "daysCashOnHand": { "max": 3 }
    }
  },
  "cpgpWeights": {
    "Services & Product Focus": {
      "competitiveAdvantage": 0.45,
      "scaleScope": 0.30,
      "operatingEfficiency": 0.25
    },
    "Product Focus/Scale Driven": {
      "competitiveAdvantage": 0.35,
      "scaleScope": 0.50,
      "operatingEfficiency": 0.15
    },
    "Capital or Asset Focus": {
      "competitiveAdvantage": 0.30,
      "scaleScope": 0.30,
      "operatingEfficiency": 0.40
    },
    "Commodity Focus/Cost Driven": {
      "competitiveAdvantage": 0.15,
      "scaleScope": 0.35,
      "operatingEfficiency": 0.50
    },
    "Commodity Focus/Scale Driven": {
      "competitiveAdvantage": 0.10,
      "scaleScope": 0.55,
      "operatingEfficiency": 0.35
    }
  },
  "revenueAdjustment": {
    "small": {
      "<5M": { "basePenalty": 0.10, "typicalRange": "-6% to -50%" },
      "5-10M": { "basePenalty": 0.08, "typicalRange": "-5% to -40%" },
      "10-25M": { "basePenalty": 0.06, "typicalRange": "-4% to -30%" },
      "25-50M": { "basePenalty": 0.04, "typicalRange": "-2% to -20%" },
      "50-100M": { "basePenalty": 0.02, "typicalRange": "-1% to -10%" }
    },
    "medium": {
      "100M-1B": { "adjustment": 0, "typicalRange": "0%" }
    },
    "large": {
      "1-10B": { "maxBonus": 0.24, "typicalRange": "0% to +24%" },
      ">10B": { "maxBonus": 0.48, "typicalRange": "0% to +48%" }
    }
  },
  "scoreConversion": {
    "4.50-5.00": { "faropointRange": "9.0-10.0", "bondEquivalent": "AAA to AA", "oneYearPD": "0.00-0.02%" },
    "4.00-4.49": { "faropointRange": "8.0-8.9", "bondEquivalent": "A+ to A-", "oneYearPD": "0.02-0.05%" },
    "3.50-3.99": { "faropointRange": "7.0-7.9", "bondEquivalent": "BBB+ to BBB-", "oneYearPD": "0.05-0.15%" },
    "3.00-3.49": { "faropointRange": "6.0-6.9", "bondEquivalent": "BB+ to BB-", "oneYearPD": "0.15-0.60%" },
    "2.50-2.99": { "faropointRange": "5.0-5.9", "bondEquivalent": "B+ to B-", "oneYearPD": "0.60-3.18%" },
    "2.00-2.49": { "faropointRange": "4.0-4.9", "bondEquivalent": "CCC+ to CCC", "oneYearPD": "3.18-14.87%" },
    "1.50-1.99": { "faropointRange": "3.0-3.9", "bondEquivalent": "CC", "oneYearPD": "14.87-26.55%" },
    "1.00-1.49": { "faropointRange": "2.0-2.9", "bondEquivalent": "C to D", "oneYearPD": ">26.55%" }
  }
}