Is it possible to get equity credit for this structure from a rating agency. How can i change this to get so:H is a holding company (leveraged significantly)C is Operating Company (very good) H owns say 40% of CH is raising money by pledging shares of C. But it will only raise if somehow it gets equity credit.We are looking at normal equity linked bond return:a. floor% annualized guaranteed for settlement at end of 5 yrs; no interim distribution of any amount whatsoever. b. No PUT for investor; Issuer has a 3 yr CALL c. Settlement at end of term either by way of cash or C sharesd. If end of term (or early CALL as the case may be) the return is < floor%, then Issuer would top up to extent of floor%; if return > cap% then excess shared 50:50 with Invetsore. At entry stage, Investor would be provided a defined (based on 90 day average) and AN EQUIVALENT* quantum of shares in the Issuer Company through pledge Say 3x cover. f. The same 90 day average would be reckoned at time of exit alsog. If pledged Opco Share falls below 1.4x your bond will be prepaid immediately with Shares of Opcoh. RCC for redemption if paid in cashCan this get equity credit somehow?