Capitalizing operating leases would have a significant impact on a company's debt ratios. When operating leases are capitalized, they are recognized as liabilities on the balance sheet, which increases both the total debt and the total assets of the company. As a result, the debt-to-equity ratio, debt-to-assets ratio, and other leverage ratios would likely increase. This change could potentially affect the company's credit rating and borrowing costs. Additionally, the capitalization of operating leases would also impact the company's financial statements, including the income statement and cash flow statement, as it would result in higher depreciation expense and interest expense. Overall, the capitalization of operating leases would provide a more comprehensive view of the company's financial obligations and could impact how investors and creditors assess the company's financial health.