2nd Downgrade in Months, page-13

I think you are confusing a couple of things.

Firstly, Interest Coverage Ratios refer to the amount of time EBIT or EBITDA can cover your interest expense, so no relationship to equity.

Secondly, leverage ratios look at Debt as a proportion of Total Aseets, e.g. D/A or D/E, so does relate to equity value, but it's book value of equity not market value. Thus the share price moving shouldn't have any impact on leverage.