提到偿债能力，我第一个想到的是coverage ratio

问题如下：

In 2017, company M reported that its funds from operations (FFO) increased, the total debt remained the same as last year. Moreover, company M issued additional common shares in 2017. Compared with last year, the company's ability to service its debt tends to:

选项：

A.

increase.

B.

remain unchanged.

C.

decrease.

解释：

A is correct.

Based on the fact that FFO increased and the total debt didn't change, there will be more cash which can be used to service debt. Moreover, the debt/capital ratio has improved (capital = total debt + shareholders equity), indicating that company M is more capable of servicing its debt.

考点：4C分析

解析：本题考量的是debt/capital ratio这个指标，debt不变，capital变大，ratio整体变小，此ratio越小越好。另外，FFO变大，用来可以还债的现金流更多，因此M公司更有能力偿还债务，故选项A正确。