BANKS and INVESTMENTS COMPANY evaluation

Good morning,
With re to Serenity latest analysis of (BEN) which results as UNGRADED.
Following the Value Investing principles adopted by Serenity, when it comes to analyse BANKS and INVESTMENTS company we should ignore asset ratios such as current assets/current liab and net asset/lt debt and in substitution we should consider equity/debt.
Following the above reasoning and policy (BEN) should result as a DEFENSIVE and not UNGRADED.
What am I missing?
A

Stocks Discussed: 
Franklin Resources Inc (BEN)

Thank you for your Forum post, Andrea!

You're absolutely right. Financials, Utilities and other stocks that don't report Current Assets and Current Liabilities are to be evaluated using Total Assets and Equity:Debt instead.

But because certain stocks which would not necessarily be classified as Utilities or Financials — such as Real Estate Investment Trusts (REITs) — also need to be evaluated using this method, such stocks are not marked Defensive as part of the default grading system.

The rules for Utilities and Financials are an advanced customization of the Graham's standard Defensive rules, and so only supported by the Advanced Graham Screener.

Graham Resources