The study looked at how the financial health of a country affects the borrowing costs of businesses in the Eurozone. They found that when a country's credit rating goes down, it becomes more expensive for companies to borrow money. This is especially true for businesses that rely on government support, sell mostly in their own country, or depend on bank loans. The research shows that government guarantees, local demand, and credit markets play a big role in how risky it is for companies to borrow money.