Taiwan Credit-Risk Signals — we deliberately refuse to give you a grade
Comparable commercial products hand you a single letter or numeric credit grade. We can compute one and choose not to: that grade rests on a rating agency's proprietary methodology, human review and non-public information. Blending a few public ratios into a look-alike number would borrow authority we do not have. Instead you get seven independent signals that are never summed, each with its formula and raw inputs so you can recompute it yourself.
What the seven dimensions ask
Leverage level asks how much was borrowed; debt-structure trend asks whether it grew or shrank over the year; short-term liquidity asks whether near-term maturities are serviceable; cash-flow and debt-service coverage ask whether operating cash sustains the load; earnings quality asks whether reported profit converted into cash; distress distance reuses an existing four-variable measure with its original zones rather than remapping it onto an invented curve.
Each dimension resolves to one of three states — relatively comfortable, worth watching, needs attention — plus undetermined when an input is missing. States are not scores: they are never added and never ranked.
Why there is no composite, no grade and no default probability
The seven dimensions carry different units (points, times, percentages, percentage points). Weighting across units requires coefficients with no basis, and a number nobody can recompute is exactly what this platform refuses to publish.
A default probability would additionally require calibration against local default events. Importing a foreign mapping would produce a precise-looking figure with nothing behind it — worse than declining.
No field in the page or the response is named grade, rating, score or rank. The only aggregate is a count of the signals, and it ships with a note saying it is not a score.
What we openly cannot compute
An exact interest-coverage ratio needs a separately disclosed interest-expense line that official structured statements do not provide, so it is listed as not provided and substituted by an operating-cash-flow-to-total-liabilities view, labelled as a substitute.
Off-balance-sheet obligations, guarantees, management quality and bond pricing are what a real rating process examines and public statements do not show. Each is enumerated in the “what we do not do” section so the boundary of this page is explicit.