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Figure 2

Debt, Equity, and Debt Net of Equity Issuance for Private Firms The figure on the left (New Debt Issuance) depicts the change in annual debt issuance for private firms averaged by credit rating signs. The vertical axis represents the change in debt issuance between yeart−1andtover assets in yeart−1[Debti,t−Debti,t−1

Assetsi,t−1 ]. The horizontal axis represents

ratings with minus signs, no signs, and plus signs. The figure on the right (New Equity Issuance) represents the change in equity issuance for private firms averaged by credit ratings signs. The vertical axis represents the change in private equity issuance between yeart−1andtover assets in year t−1 [Equityi,t−Equityi,t−1

Assetsi,t−1 ]. The horizontal axis represents ratings with minus signs,

no signs, and plus signs. The figure at the bottom (Debt Net of Equity Issuance) depicts the average change in debt net of equity issuance for private firms averaged by credit rating signs. The vertical axis represents the change in debt net of equity issuance between yeart−1 and t over assets in yeart−1 [[Debti,t−Debti,t−1]−[Equityi,t−Equityi,t−1]

Assetsi,t−1 ]. The horizontal axis represents

Figure 3

Debt Net of Equity Issuance

More Than and Within 2 Years Prior to IPOs The figure on the top (More Than 2 Years Prior to IPO) depicts the change in debt net of equity issuance averaged by credit rating signs (rating signs include three categories: plus, minus, and no sign) for private firms more than 2 years prior to their IPOs. The vertical axis represents the change in debt net of eq- uity issuance defined as[Debti,t−Debti,t−1]−[Equityi,t−Equityi,t−1]

Assetsi,t−1 .

The horizontal axis represents ratings with minus sings, no signs, and plus signs. The figure at the bottom (Within 2 Years Prior to IPO) depicts the change in debt net of eq- uity issuance averaged by credit rating signs for private firms within 2 years prior to their IPOs. The vertical axis rep- resents the change in debt net of equity issuance defined as [Debti,t−Debti,t−1]−[Equityi,t−Equityi,t−1]

Assetsi,t−1 . The horizontal axis

Figure 4

Debt Net of Equity Issuance

Prior and Following Firms’ Initial Public Offerings The figure on the top (Prior to IPO) depicts the change in debt net of equity issuance averaged by credit rating signs (rating signs include three categories: plus, minus, and no sign) for private firms during years prior to their initial public offer- ings. The vertical axis represents the change in debt net of eq- uity issuance defined as[Debti,t−Debti,t−1]−[Equityi,t−Equityi,t−1]

Assetsi,t−1 .

The horizontal axis represents ratings with minus signs, no signs, and plus signs. The figure at the bottom (Follow- ing IPO) depicts the change in debt net of equity issuance averaged by credit rating signs for firms that turned pub- lic during years following their IPOs. The vertical axis rep- resents the change in debt net of equity issuance defined as [Debti,t−Debti,t−1]−[Equityi,t−Equityi,t−1]

Assetsi,t−1 . The horizontal axis

Figure 5

Private Firms’ Investment when Credit Ratings are on Upgrade or Downgrade Thresholds

I define investment as capital expenditure over total assets sim- ilarly to Blanchard, Lopez-de-Silanes and Shleifer (1994). The figure depicts the average change in firm investment defined as

CapitalExpenditurei,t−CapitalExpenditurei,t−1

Assetsi,t−1 for credit ratings with minus

signs, no signs, and plus signs. The figure suggests that, on average, firms decrease investment by approximately 6.37 percentage points during years when their credit ratings have negative signs relative to years when firms’ credit ratings do not have plus or minus signs. Similarly, firms decrease investment by 8.15 percentage points during years when their credit rat- ings have positive signs relative to years when ratings do not plus or minus signs.

Figure 6

Private and Public Firms’ Leverage Prior and Following Access to Public Debt

The figure depicts average debt as a share of assets for private and public firms by year relative to first year of public debt issuance. The vertical axis represents the average level of leverage for private and public firms defined as Leveragei,t =

Debti,t

Assetsi,t. The horizontal axis represents years relative to

first year of public debt issuance or first year of receiving credit ratings. For instance, year 0 represents the first year of access to the public debt market. Year +3 represents the third year for firmifollowing first year of public debt issuance. Similarly, year -5 represents five years prior to first year of receiving a credit rating. The solid (dashed) line represents the average debt as a share of assets for private (public) firms by year relative to first year of access to the public debt market. The shaded area represents years following first issued credit ratings when firms gained access to the public bond market.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% -7 -6 -5 -4 -3 -2 -1 0 +1 +2 +3 +4 +5 +6 +7 +8 P ri vate an d P u b li c F ir m Le ve rage

Year Relative to Public Debt Issuance

Figure 7

Data Construction and Matching Private and Public Firms The figure describes the data construction and matching methodology of private and public firms in my sample. I obtain a list of private firms from the Forbes list of largest American private firms. I then supplement that list with private firms in Bloomberg with more than $1 Billion in revenue. Afterwards, I obtain credit ratings and firm char- acteristics from Bloomberg and Capital IQ for a total of 257 firms from the consolidated list of private firms. Next, I match the set of private firms with available credit ratings and firm characteristics with data from WRDS on 33,177 public firms. This allows me to match for each private firm in my sample, a public firm within the same industry with the closest assets, sales, and profitability. The matching is done based on the first year I observe public and private firms in the data.