The Interest Coverage Ratio compares the funds available to pay interest (i.e., earnings before interest and taxes) with the amount of interest expense on the income statement. In financial statement analysis, this ratio gives an indication of how much the company has available for the payment of its fixed interest expense. This would not prompt a firm to issue debt as opposed to equity the next time it raises external capital.
Dividends are paid after taxes, whereas interest expense is paid out before taxes. The effective interest rate is decreased because the company can deduct interest expense before calculating its income tax due. A high effective tax rate makes this tax deductibility of interest expense even more valuable.
The amount of leased assets itself would not impact how new external capital is raised. Capital structure would play a more significant role.
This is not directly related to the generation of capital.
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