2025 Risk-free Rate Specific Risk 
Musings on Markets
JULY 31, 2025
In May 2025, Moody's downgraded the United States, bringing them in line with the other ratings agencies; S&P downgraded the US in 2011 and Fitch in 2023. In May 2025, Moody's downgraded the United States, bringing them in line with the other ratings agencies; S&P downgraded the US in 2011 and Fitch in 2023.
Equidam
JUNE 30, 2025
DCF with Startup Adaptations – Build realistic financial projections with appropriate survival rate adjustments – Use current market discount rates that reflect the higher interest rate environment – Apply proper illiquidity discounts for private company shares 3. Here’s how Equidam approaches this: 1.
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