How do you optimize sources for a strategic acquirer with an investment-grade rating constraint?

Start with target pro-forma leverage, rating-agency thresholds, liquidity needs, and deleveraging plan. Use cash up to a prudent minimum, size debt to stay within rating tolerance, consider equity or hybrid capital if leverage is too high, and include synergy-driven deleveraging. The optimal mix balances EPS, credit rating, strategic flexibility, and shareholder dilution.