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This performance supported a distributable cash flow coverage ratio of 1.19x for 2018.
The cash flow coverage ratio covenants include distribution lock-up at 1.40x and default at 1.10x, which are weaker because no principal is currently being amortised.
Priced at 10.00%, the transaction is set to mature on December 27, 2020 and is secured by a corporate and personal guarantee, assignment of contract, and account charge over bank account, with a cash flow coverage ratio of >=1.17x.
The company's cash flow coverage ratios, namely its CFO interest coverage and debt service coverage ratio declined to 2.41 times (FYE March 2011: 3.55 times) and 0.4 times (FYE March 2011: 1.67 times) respectively in FP Dec 2011 due to higher cash payments to suppliers.
Finally, banks usually monitor cash flow, and will often prescribe cash flow coverage ratios (for example, cash flow during any given period must be a minimum of X times interest, or Y times principal and interest).
credit-rating agency attributed the review to Yamaha's strong operating performance and also to an improvement in cash flow coverage ratios, supported by the rapidly growing Asian market and its ongoing rationalization efforts.
The agency views the company's business risk profile as strong and its financial risk profile as minimal, despite some weakening in its cash flow coverage ratios in fiscal 2010, which falls within expectations.