Abstract
s of Doctoral Dissertations 695 2. That the principal determinants of the level of credit risk of a firm for both shortand long-term bank borrowings are: (a) profitability measured by the average of rate of return on net assets and (b) solvency measured by the average of debt-assets ratio. 3. That the level of credit risk of a firm for both shortand longterm bank borrowings is not affected by: (a) liquidity measured by the average of current ratio or (b) the growth of debt-assets ratio. 4. That the growth of rate of return on net assets, a supplementary measure of profitability, affects the level of credit risk of a firm in case of short-term bank borrowings only and not long-term bor-
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